Yesterday mini-crash in Ethereum’s price is already over. The price of Ethereum fully recovered today as it trades at $354. That is exactly 40 percent above yesterday’s bottom, in 24 hours! Amazing.
The price of Ethereum had an intraday low at $314 today and an intraday high at $362. At the moment of writing, close to the end of the trading day, Ethereum trades at $354 which is great because it is bullish when the end-of-day price is close to the day’s highs.
Yesterday, we wrote how we were not sure that Ethereum would recover that fast. The underlying reason we brought up is that this retracement was driven by Bitcoin. It could result in a general correction in all cryptocurrencies is what we wrote.
From yesterday post:
What we believe is the driver of today’s mini-crash is loss of confidence in Bitcoin (scenario 1). The other scenario that is playing out is just a normal correction, some profit taking so to speak, which results in a resumption of the rise anytime soon (scenario 2).
So far, it seems that scenario is not playing out. Ethereum was again the currency to recover strongest, and it is now trading 15 percent below all-time highs. Bitcoin, on the contrary, is some 20 percent below all-time highs.
Ethereum, once again, is the strongest cryptocurrency to recovere. We really want to see a push above all-time highs by next Friday. That would be the ultimate confirmation that we are still in a bullish trend. Or, according to the scenarios we outlined yesterday: scenario 2.