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What is the current state of Ethereum with its recent 50% price drop?
Ethereum’s price appears to have accelerated in response to broader market gains, but the direction of ETH remains unknown.
After reaching an all-time high of $4,847.57 on November 10, the king altcoin’s price trend has primarily been on a severe slide for over two months.
Since January 27, Ethereum’s price appears to have risen in response to bigger market advances, but where Ethereum will go in the next days remains unknown.
Recovering From One of the Worst Drops
On January 24, the price of Ethereum went as low as $2170, and it is expected to go below $2200 by July 30, 2021. The more than 50% drop from ETH’s November ATH was the 7th price drop of more than 50% since the altcoin’s birth, making the December-January plunge a significant dip in ETH history.
Having said that, the ETH market cap dropped by more over $280 billion, making it one of the greatest drops in its history.
Interestingly, statistics from Arcane Research revealed that a 50% decline in ETH’s price from ATH takes on average 38 days. The most recent price decline, on the other hand, was fairly unpleasant and lengthy, lasting 75 days.
