Altcoins News
By Dan Saada
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Can ETH Gain Double Digits Before the Recovery?
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Slumping Prices vs. Growing Fundamentals
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Analysts claim that although the long-term fundamentals of Ethereum (ETH) are intact, its short-term price action will bring pain.
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The same way with Bitcoin (BTC), ETH has been consolidating after posted a high back in June 2019. Based on the crypto’s $363.
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A number of retail traders expressed their sentiments that the extreme losses can be an indication that the bottom is about to start.
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Currently, the second largest crypto asset in terms of market cap is down over 10% from the high in 2020 over the US Dollar.
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Since Ethereum has seen with some bearish signs, some people speculate that it might decline under a $158 support level.
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Some analysts expect that ETH might experience a period of depression.
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Back in 2017, ETH was trading under $8.00 and then fell to $7.00 level before the mega bull rally.
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However, once the Ethereum bottoms out, a lot of long-term investors can enjoy substantial gains.
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No matter how the prices of Ethereum slump, its fundamentals continue to grow. One of the reasons behind this continued progress is Decentralized Finance (DeFi).
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Furthermore, there’s a growing of unique ETH addresses due to the parabolic rise of Ethereum holding in Decentralized Finance.
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Most of Ethereum maximalists have already expressed their excitement in the introduction of phase 0 of Ethereum 2.0.
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From a fundamental perspective, ETH is likely poised to more developments. However, people in the crypto space require more patience before the price of ETH catches up.
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