Ethereum (ETH) started 2024 with a robust performance in line with the broader market, but the following months have not met expectations. Over the past eight months, ETH’s performance has deviated significantly, suffering steeper declines compared to other cryptocurrencies, particularly in recent weeks.
What’s the Current Price of Ethereum?
As of August 19, despite a 14.62% gain year-to-date (YTD), Ethereum has experienced a 24.25% drop in the last 30 days. The current price stands at $2,648, which is still over 36% below its annual peak of more than $4,070. Despite the volatile conditions, 2024 remains a pivotal year for Ethereum, driven partly by institutional adoption following the approval of the first spot ETH exchange-traded fund (ETF). Access NEWSLINKER to get the latest technology news.
What is the ETH Price Prediction?
Investors are keen to know the future price trends of Ethereum amid the significant market fluctuations. Forecasting algorithms from PricePredictions suggest a less optimistic outlook for ETH. Contrary to its performance in 2023 and early 2024, artificial intelligence algorithms foresee a downward trajectory for Ethereum’s price in the upcoming weeks.
Key Takeaways for Investors
– Expect Ethereum to potentially decline to $2,502.59 by August 31.
– This would mark a 2.94% decrease from its value on August 20.
– Despite the forecasted drop, ETH would still show a 9.76% increase YTD.
In conclusion, while Ethereum started the year on a strong note, recent trends suggest a period of decline. The predictions indicate further downward movement, although the YTD chart would still reflect positive growth compared to the start of 2024.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
Source: https://en.bitcoinhaber.net/ethereum-records-sharp-decline