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Ethereum steadies above $2200 following 20% weekend drop

19 Apr, 2021

It was not directly covered here earlier this morning, but the sell off in the cryptocurrency markets yesterday did not leave Ethereum (ETHUSD) unscathed. The second largest coin got a rude awakening at the weekend when the price slumped below $2000 on Sunday. Ether fell to as low as 1962 after having traded to a new record high only on Friday, when it rose to 2548. The more than 20% fall was dramatic and rapid. The fact that the coin had met the initial $2500 target laid out here some weeks ago was hopefully one reason anyone reading this avoiding being damaged by the drop. Well, irrespective of that, the price has recovered again today and it earlier rose to as high as 2276. Since then attempts to fall back below 2200 have met with further buying interest and that is to be expected as investors often use these rapid declines to load up again. There is no fear it seems, but imagine the EUR/USD dropping 20% over a weekend and think what carnage that would create. Yet, it never seems to be the case with the likes of Bitcoin and Ether. One day perhaps it will, and if and when that ever happens it will probably mean the game is over. ETHUSD is currently trading at 2238.30

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