Ethereum ($BTC ), the second-largest cryptocurrency in the world by market capitalization, despite the drop on this Wednesday (30), has shown significant appreciation against the US dollar.
In the last 7 days, Ethereum has shown an appreciation of 13.9% against the dollar, according to data from CoinMarketCap. The price of Ethereum jumped from $1,579.57 on April 21 to $1,799.88 on April 28.
During this morning, the price of Ethereum fell to around $1,740.00, which can be attributed to a natural correction after significant appreciation.
However, news about geopolitics concerning India's military action against Pakistan may have also influenced the drop, not only of Ethereum but many other cryptocurrencies, including Bitcoin ($BTC ).
Causes of the Drop
FXStreet suggested that the drop in the price of Ethereum to around $1,740.00 this morning was a correction from the peak of $1,821.58.
Additionally, FXStreet noted that the stabilization of Ethereum's price above $1,800 could be a brief corrective phase after the 2% gain on April 29.
Binance Square commented that, despite a break in market structure signaling a potential long-term reversal to an upward trajectory, short-term corrections are still possible within an overall upward trend.
These points indicate that a natural market correction after recent appreciation was a likely cause for the drop in Ethereum's price.
Appreciation of Ethereum
In the last 30 days, Ethereum appreciated 22.1% against the dollar. In the last 90 days, the appreciation was 43.1%.
These numbers demonstrate a consistent upward trend for Ethereum in recent months.
In the past year, Ethereum has shown an impressive appreciation of 102.1%. The price of Ethereum jumped from $893.77 in April 2023 to $1,799.88 in April 2024.
Ethereum Season
According to analysts, Mutuum Finance is preparing for the 'Ethereum season' in 2025, with a hybrid lending model and a USD-backed stablecoin that promises to reduce risk and increase confidence.
Additionally, the platform provides open-source code and smart audits to ensure long-term stability.
With powerful incentives, such as the offer of $100,000, Mutuum Finance could be a standout opportunity in DeFi in 2025.
Positive indicator
The appreciation of Ethereum against the dollar is also a positive indicator for investors and cryptocurrency enthusiasts.
Although the price fell this morning, analysts are optimistic about the future of Ethereum and foresee an 'Ethereum season' in 2025 that could bring significant advantages to investors.
Sources
CoinMarketCap, CoinDesk, (link unavailable), Yahoo Finance, Cryptopolitan, Mutuum Finance.
Photo reproduction: Ethereum Cryptocurrency. Photo: (Dado Ruvic/REUTERS)
Note
Invest cautiously, using only capital that can be risked. Consult regulated exchanges, like Mercado Bitcoin, for secure trading.
The information provided in this article is of a general nature and should not be interpreted as financial, legal, or professional advice.
Invest and make decisions cautiously, and consult qualified experts before acting. The cryptocurrency market is highly volatile and involves significant risks.
