Ethereum (ETH) hits lowest rate since 2020 amid crash

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It’s a bear market right now for cryptocurrency, and Ethereum (ETH) is the perfect proof of that. This cryptocurrency is down 9.67% today, bringing the ETH rate to $1,105.50 (ETH/USD). We last saw the ETH rate this low at the end of 2020.

ETH/USD

The downward trend of Ethereum

We have seen a trajectory over the past seven days for much of the cryptocurrency market that is steadily and gradually declining. Ethereum is one of the leading cryptos in this downtrend, as it fell from $1,797 on the 8the at today’s low which lies above the $1100 level.

Earlier today, Ethereum was just above $1,000, with a rate of $1,028 until it rallied a bit in the late morning. However, we see no indication that it is gearing up to continue higher, so investors hoping for some kind of rebound are disappointed.

Over the past three months, Ethereum has been one of the market leaders, setting trends that other cryptos have followed. However, its rate has been gradually declining over this period and it has been difficult for this coin to hold any kind of gains.

Ethereum has substantial market value and utility, but it simply cannot compete with a declining economy and the waning appeal of the crypto market. There was a time when Ethereum was a rising star in the crypto world, pumped up by celebrities and making gains week after week. His star, however, has faded in recent months.

Should investors expect a turnaround for ETH?

The bear market appears to be continuing for some time. There may be bright spots of hope here and there, but don’t expect major gains for Ethereum or any other major crypto just yet. If investors decide to sell a large chunk of their crypto because they believe there is little chance it will ever return to previous highs, the price will have an even harder time climbing back to the $2,000 level since then. the end of last month.

For now, we advise a wait-and-see attitude with this crypto and most others. There is potential for short-term gains, but the outlook is not positive for long-term gains.

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