Is it time to buy Ethereum or would you be better off waiting? That’s the question on many people’s minds. With the major dip in the market last week many people are unsure if they should invest in Ethereum or other cryptocurrencies.
Ethereum on the Rise
Ethereum has had a pretty good 2018. First it hit $1,000 on January 4th. Then it started a long upward movement that saw it top $1,400, increasing its value over 40% in just six days. Then, what many are calling “bloody Tuesday” hit on January 16th, and many of the crypto markets dropped sharply. Ethereum closed that day at $1,053.69. What that showed was that Ethereum has a good support level at around $1,000. On January 17th, it did drop below that mark, on a 4-hour average, for 8-hours but then bounced back and has been trading between $1,000 and $1,150.
Starting the Week Down
Today the price of Ethereum started at around $1,080 and has moved down to the $970 range in the last hour. It is currently trading in the $966 to $985 range. The Ethereum downturn today is due to several factors including other major cryptocurrencies like Bitcoin, Ripple, Bitcoin Cash, Cardano, and Litecoin all being down today. This is most likely due to the news that South Korea has decided to tax cryptocurrency exchanges at 24.2%. One of the South Korean cryptocurrency exchanges, Korbit, halted fiat currency deposits from non-citizens. Their announcement comes ahead of them attaching verified identities to accounts to counter money laundering potential and appease local regulators.
Time to Buy Ethereum
If $1,000 is the base support level for Ethereum, then buying around that price is a great place to buy. In fact, with Ethereum being slightly under that number at time of writing, it may very well be time to buy Ethereum. The cryptocurrency has already proven that it can outperform the rest of the market. While the price graphs fairly close to other majors like Bitcoin, it has also shown that it can break away from that cryptocurrency’s price pattern and move on its own. From January 6th to January 14th, it stood on its own with a steady upward price movement while Bitcoin, Bitcoin Cash, and Litecoin all had downward movements. This proves that Ethereum might be able to break out of the major cryptocurrency trends and begin to move differently.
You Make the Call
Does that mean it’s time to buy Ethereum? That is entirely up to you. This is not financial advice. It is simply some information on the recent price histories of cryptocurrencies. If you are thinking about investing in Ethereum, just be sure you do your research, understand what you are getting into and, of course, don’t invest money that you need to survive. In other words, only invest what you can afford to lose. While cryptocurrencies aren’t going to disappear anytime soon, they are highly volatile. So anything you invest may need to be a long-term hold in order to see some good returns. Do not invest and then forget about it. Keep an eye on it daily, or set up price alerts and automatic sell orders when it reaches a specific price. Be smart and stay informed.
Is it time to buy Ethereum or would you be better off waiting? That’s the question on many people’s minds. With the major dip in the market last week many people are unsure if they should invest in Ethereum or othercryptocurrencies.
Ethereum on the Rise
Ethereum has had a pretty good 2018. First it hit $1,000 on January 4th. Then it started a long upward movement that saw it top $1,400, increasing its value over 40% in just six days. Then, what many are calling “bloody Tuesday” hit on January 16th, and many of the crypto markets dropped sharply. Ethereum closed that day at $1,053.69. What that showed was that Ethereum has a good support level at around $1,000. On January 17th, it did drop below that mark, on a 4-hour average, for 8-hours but then bounced back and has been trading between $1,000 and $1,150.
Starting the Week Down
Today the price of Ethereum started at around $1,080 and has moved down to the $970 range in the last hour. It is currently trading in the $966 to $985 range. The Ethereum downturn today is due to several factors including other major cryptocurrencies like Bitcoin, Ripple, Bitcoin Cash, Cardano, and Litecoin all being down today. This is most likely due to the news that South Korea has decided to tax cryptocurrency exchanges at 24.2%. One of the South Korean cryptocurrency exchanges, Korbit, halted fiat currency deposits from non-citizens. Their announcement comes ahead of them attaching verified identities to accounts to counter money laundering potential and appease local regulators.
Time to Buy Ethereum
If $1,000 is the base support level for Ethereum, then buying around that price is a great place to buy. In fact, with Ethereum being slightly under that number at time of writing, it may very well be time to buy Ethereum. The cryptocurrency has already proven that it can outperform the rest of the market. While the price graphs fairly close to other majors like Bitcoin, it has also shown that it can break away from that cryptocurrency’s price pattern and move on its own. From January 6th to January 14th, it stood on its own with a steady upward price movement while Bitcoin, Bitcoin Cash, and Litecoin all had downward movements. This proves that Ethereum might be able to break out of the major cryptocurrency trends and begin to move differently.
You Make the Call
Does that mean it’s time to buy Ethereum? That is entirely up to you. This is not financial advice. It is simply some information on the recent price histories of cryptocurrencies. If you are thinking about investing in Ethereum, just be sure you do your research, understand what you are getting into and, of course, don’t invest money that you need to survive. In other words, only invest what you can afford to lose. While cryptocurrencies aren’t going to disappear anytime soon, they are highly volatile. So anything you invest may need to be a long-term hold in order to see some good returns. Do not invest and then forget about it. Keep an eye on it daily, or set up price alerts and automatic sell orders when it reaches a specific price. Be smart and stay informed.
