After a highly volatile Wednesday that saw eth down to $1,800, up to $2,900, and during Shanghai time down again to $2,165, ethereum went up today to $2999.
The currency is facing resistance at $3,000, with it probably clear for takeoff if it overtakes it, at least to $3,500 or so where it might sideway.
It has been trying now for a couple of hours to overtake that resistance line, with it currently trading at $2,940 at the time of writing.
Whether it will, remains to be seen as some sort of recovery is seemingly underway with Musk back to shilling doge.
Yet the market is probably a bit frightened by the drop, but fundamentally nothing has changed.
Cryptos were due for a correction after a significant bull run and plenty were waiting for one with such correction healthy as otherwise cryptos would be in the mania stage which usually is followed by two years of bear.
As there was a sharp drop for eth at around $4,000, like for bitcoin in 2017 when it first reached $4,000, this might be just what we’ll call a ‘clearing’ correction, getting rid of some stupidity like dogecoin killers.
So hopefully this stabilizes somewhere decent and sets the base for another takeoff. $3,500 would be nice for eth, and even here really. While bitcoin kind of feels it has to 50k forevarererere.
What they will do however remains to be seen, but eth is again almost at $3,000 and it may well stay at those 3000s for some time, or gets off to $5,000 as bitcoin did sometime this summer.
Source: https://www.trustnodes.com/2021/05/20/ethereum-nears-3000-2
