Ethereum, the world’s second-largest cryptocurrency by market cap, has fallen below $2,000 for the first time since mid-May.
Since the market opened for business today, Ethereum has so far failed to rally and continues to trade with a weak tone. At the time of press, the currency was trading just above $1,900, down by almost 23 percent in the past 24 hours.
This is far more than, the largest cryptocurrency by market cap, which is currently worth just north of $32,000; Bitcoin has fallen by about 15% in the past 24 hours and about 30% in the past week.
The weakness in the cryptocurrency market looks interesting, considering that the market has remained extremely volatile since April. While most of the market remains in the red, there’s a chance that we’d get to see the coin either fall as low as $1,500, or as high as $2,800 in the next few days.
Hoping For The Spectacular
While it’s important for market trends to coincide with investor sentiments for uplifting Ethereum, a silent assassin in the shape of expiring contracts lurks quietly in the dark, ready to pounce at a moment’s notice. To paint a picture, Ethereum faces its largest options expiry date so far in 2021, in what prominent experts on Twitter have called a “make-or-break” moment for ETH markets.
The upcoming expiry is a whopping 30 percent larger than the one that took place in March, which, it’s worth mentioning, caused the coin to plunge as low as $1,550 in the next five days. However, following that, the price of ETH rose nearly 264 percent in the following two months, rising above $4,100. Now, analysts are hoping to see a similar trajectory this time around, and chances are the next bull run might be the best of them all.