Ether (ETH), the second positioned cryptocurrency in the crypto market is recovering from the bearish pressure and trying to firm its place in the market. The currency is going through so many ups and downs since the start of this week. On July 13th, 2019 the last day of the previous week, the currency was trading at the value of $270, but with the start of this week, on July 14th, 2019 the Ether started with the bearish sentiment in the value and the value of the ETH was around $260.
On July 14th, 2019 ETH suffered a loss of 7% and it lost its long-term support level of $250. With losing its long-time support level of $250, the value started to go down around the value of $230. Since then the value of Ether is struggling to go upward in the market. Ether was trading around $230 to $235 for the course of two days (July 15 to July 16).
On July 16th, 2019 the price of Ether even broke the support level of $200 and was trading at the value of $199.40 at 22:49:01 UTC, with the market capitalization of USD 21,320,669,305 and the 24-hour volume of the currency was USD 8,250,116,755. Ether's value was struggling to stay up in the market on July 17 and the value of the ETH was hovering between the values of $195 to $215.
On the same day, the value of ETH even dropped down to $194.37 at 17:19:01 UTC and the market capitalization of the currency was USD 20,785,290,548. The 24-hour volume of the ETH was USD 9,837,963,535. We can observe the fall in the trading price and the market capitalization of the currency. Ether was struggling for the resistance near the value of $200.
On July 18th, 2019 ETH managed to cross the resistance level of $200 and the value was trading around the $215.66 at 00:19:01 UTC. The market capitalization of the Ether was USD 23,062,494,061 and the 24-hour volume of the ETH was USD 10,120,274,767. Yesterday, the value of Ether was hovering between the values of $200 and $220 and suddenly at 20:19:01 UTC, the value of ETH rise above the resistance level of $220 and starting to trade at the value of $221.95 with the market capitalization of $23,738,063,295.
Currently, Ether is trading at the value of USD 224.95 at 01:37 UTC and the bulls are back in action. The value of the currency is increasing by 4.75%. The Market capitalization of the currency is $24,059,093,253 USD and the 24-hour volume of the currency is $9,479,599,166 USD. The circulating supply of the ETH is 106,952,971 ETH and the ROI of Ethereum is 7,844.22%.
Source: CoinmarketCap
Experts are suggesting that the main reason behind the strong bearish pressure on the overall market was the accidental minting of $5 billion Tether which suddenly pumped USDT market cap to about $9 billion. Tether employee who processed the order accidentally created and sent to Poloniex $5 billion in new Tether instead of $50 million. Tether’s chief technical officer, Paolo Ardoino tweet reads,
"While preparing the issuance for Omni to Tron swap there have been an issue with the token decimals".
Still, experts are positive that the Ether will come back with the bullish movement and in the coming years. Experts are predicting the value of Ether will achieve the mark of $1000 by the end of year 2019.
Read more: EtherWorld's Good Read on Blockchain & Cryptocurrency
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