Good news for all Ethereum (ETH) traders! ETH has come back with an outstanding recovery of over $200 yesterday. The revival comes as a relief at a time when the ship of ETH was sinking.
This September ETH was at its lowest lower. On September 5th, the value of ethereum falls from $300 to $211. Following that, on 6th September the price goes further downward breaking the $200 support level, and setting at $168. Despite several predictions by investors, who expected it to go downward, the price of ETH started to surge in the past four days. Now the value of ethereum has gone from $168 to $224.
Alex Kruger, an Economist and Cryptocurrency researcher, states that the value of Ether will grow for a short term at least. The correlation between bitcoin and ethereum plays a significant role in deciding the future of ETH. If Bitcoin falls this year low, then a hellfire will break upon other altcoins as well.
As per a recent article, Goliath organisations like Citigroup, Goldman Sachs and Morgan Stanley have decided to offer custody to various cryptocurrencies. BitGo will also become a custodian of a crypto coin soon. Such positive development may help in attracting a significant number of investors, making the price of Ethereum and other crypto coins go up.
With the market gone to its 4th steepest decline in history, it’s crucial to establish stability in the Cryptocurrency market. Bitcoin, the largest crypto coin has shown a grown over $6000 support level. With the growth of BTC/USD, the price of ETH/USD will also increase gradually as per the view of renowned Cryptocurrency researchers.