The bear run of the crypto market has been going on for quite some time and one of leading cryptocurrencies in the arena ethereum (ETH) has seen a very tough time over the past few months. After dropping down continuously over the past 12 months, ETH is now floating around the mark of $138 at the time of writing (as per www.coinmarketcap.com).
In the past 24 hours, the asset has risen back by 1.52%. Quite recently, ETH was seen struggling below the $100 mark and as compared to that, the asset is now showing signs of a recovery.
Back in January, ETH was enjoying its highs above the level of $1,000 but after that, things have not been quite friendly for the asset alongside other major cryptos in the game. The bear market has affected the entire crypto market and a lot of investors have lost a large amount of money.
Recently, BlockPublisher got in touch with Thomas Power who is one of the board members at BICRA to inquire him about the ETH price scene. At the time of contact, ETH was lingering below the $100 mark and Thomas suggested that things might be heading further south for the asset. Eric Thies, a cryptoanalyst, also suggested recently that one more impulse down in the crypto market is possible. For ETH, he pointed out at that a low of $50 might be seen. As speculated by these two, things are not looking too healthy for ETH. But the asset is not showing any such signs at the moment. It has rallied back up quite a lot.
In the hindsight of the crypto market bear run, many projects were also recently seen laying off their employees in order to expand their runways. Many startups which have raised findings on the ethereum platform are now starting to get a bit worried regarding their finances owing to the persistent bear run. This recovery shown by ETH in its price is being seen with a sigh of relief by many. Investors who have invested heavily in ETH can also sit back a bit relaxed as a result of this spike.
The crypto world is very volatile and it is very hard to predict the trend. Everyone can just speculate, which sometimes prove to be true and sometimes, false. Nobody knows for sure. Let’s see if ETH is able to bounce back from here on or not, a lot depends on this asset, especially when it comes to the startups using this platform.