5 Ways to Increase Acceptability of Cryptocurrency: From Skepticism to Mainstream Adoption
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2022-06-23 | Amilly Smith
The price of the second-largest cryptocurrency, Ethereum (ETH), has recovered to around 30% since its last fall to around $880 USD, but analysis reveals a completely different story.
Today on 20th June, Ethereum Price reached around $1150 USD, marking a 30%-plus rise in just two days. Still, at the time of reporting, the ETH/ USD brace suggested giving up its weekend earnings, with its price plunging by nearly 9% from the $1,150 high.
A renowned analyst, PostyXBT, an independent researcher, told his around $80k, followers, to be careful about the recent ETH price rally, explaining that the move" would make for a clean fakeout." Extracts from his statement:
" It looks like an occasion to flip long towards $1,250, but $BTC still hasn't reclaimed its like- for- such like position."
The statements appear as Ethereum, along with other leading cryptocurrencies, such as Bitcoin( BTC), Solana( SOL), and Cardano( ADA), have indeed entered a bear market.
ETH/ USD pair now trades 77 below its $4,951- record high, but some pairs are also down near to 90% from their 2021’s ATH.
Another analyst "Capo of Crypto" also states that ETH has not bottomed out yet and that its price could fall further toward the $ 700-$ 800 range very soon.
While stating on part of market signals, one standard metric that tracks the difference between Ether's price & realized value suggests that ETH/ USD is bottoming out.
The" MVRV- Z Score," as it's called, assesses when Ether is overrated or underrated relative to its" fair" or realized value. So, when the request value has surpassed realized value, it has historically marked a bull run top.
But this doesn't inescapably mean a trend reversal, according to the MVRV- price relation witnessed during the 2018 bear trend. Read More @ Shiba Inu Coin Price Prediction 2050
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