It has not been a good day so far for the holders of Ether (ETH), the second-largest cryptocurrency in the world in terms of market capitalization as there has been a downward shift in the price value of the coin. A few hours ago, the native cryptocurrency of the world’s second-biggest blockchain network had to go a severe price crash which has devastated the entire bullish momentum of the coin.
Ether’s Price Moves Down Below $1000
Alongside the leading digital currency Bitcoin (BTC), Ether also performed brilliantly over the course of the last few weeks. Especially, in the first week of the year 2021, the top-ranked altcoin was on the peak of its bullish cycle as it went high to touch the past resistance level of $1300. And the coin was only a few inches from retesting its all-time high value.
However, the price value of Ether suddenly collapsed today. ETH has undergone its second-largest price crash ever as the price of the coin fell down below the $1000 level. ETH’s price value dropped by more than 30 percent within the duration of no time and went down to the $919 level. This price crash occurred at a time when cryptocurrency analysts were expecting the coin to hit its all-time high value.
This price drop also resulted in the liquidation of $550 million worth of long futures contracts. At the press time, the price value of ETH is extremely down by more than 24 percent while trading at around $977 in the last 24 hours.
Despite Price Crash Traders Are Bullish
Though the current sentiment for the coin is extremely bearish at the moment, the traders and investors are still bullish on the second-ranked digital currency.
According to the new data shared by Digital Assets Data, the network fundamentals of Ether have not weakened with this price crash; rather, they are strong at the moment. This is the reason that traders have not lost their faith in this digital coin, and they are still hoping that the price of ETH will surge to its all-time high value. But in order to do that, ETH will have to go through a recovery phase, and it will have to come back into its bullish momentum once again.