After a few days of strong gains, the Ethereum price appears to be going through the expected minor correction. All top currencies are struggling this Sunday, thus it is not entirely unrealistic to see the Ethereum price suffer from a similar fate. Although this decline is relatively small, it will be interesting to see how traders respond in the coming days.
Ethereum Price Correction is Necessary
No financial asset can rise in value for an extended period of time without suffering from a setback. In the case of the Ethereum price, this small correction is completely expected. After recovering a significant amount of lost value, this slight reversal is healthy for the ecosystem as a whole. Profit-taking is only normal in this industry, especially on days when there is no influx of fresh capital.
This small decline has pushed the Ethereum price back down to the $218 level It is still a lot more favorable compared to the sub-$190 level just a few days ago. If Ethereum can remain above $215, it may very well see further gains in the coming days and weeks.
One has to keep in mind there are several factors influencing the cryptocurrency market prices, In most cases, a decline in Bitcoin will drag all other altcoins with it accordingly. At the same time, there is still a rumor circulating regarding how ICOs are quickly liquidating Ether holdings to recover some of the value they have lost by holding on to this asset. Whether or not there is any truth to that rumor, is always difficult to predict.
With no real notable news regarding Ethereum this weekend, it will be interesting to see what the future holds. Although this ecosystem does not need daily updates and radical changes, unlocking the true long-term potential may require an extra effort. With the upcoming Constantinople hard fork to go in effect this year, Ethereum will take another step toward scalability and solving some of its flaws.
Looking at the price prediction charts, it seems a lot of speculators expect the price to go down a bit further. According to AmCRYPTOLIVE, the Ethereum price will go a slow as $210, prior to potentially rising again. There is still some bullish momentum left in the tank for Ethereum, as traders are seemingly not willing to let the price slip too far, for the time being.
The coming days will be rather interesting for all cryptocurrencies. No major price movements are expected, yet that doesn’t mean nothing will materialize. Dogecoin has shown the world trends can pop up out of nowhere and remain in place for an extended period of time. Whether or not the Ethereum price will see a similar trend, is impossible to predict. Anything is possible when it comes to cryptocurrencies.