Ethereum took a massive blow once it was pushed down to the third spot on the list of top trading cryptocurrencies by XRP.
Within a mass market dip, Ethereum went down from the value of around 210$ to touching the price of 174$ in less than two days, marking major losses and touching a new low.
The new low brought further dips disabling ETH from taking a decent rebound without falling back down.
Although Ethereum was able to rise to 179$ after the major dip it soon declined back to the value of 175$.
As ETH is currently seen in an attempt of a rebound, many Ethereum enthusiasts are wondering whether ETH is able to pull out a decent rebound by the end of 2018.
Ethereum is Taking Massive Blows: Can ETH Recover by the End of 2018?
The market is currently suffering from major dips with the exception of Ripple’s XRP going up against the fiat at a bullish pace of growth.
On the other hand, Ethereum is seen in a drop of -16% against the fiat in the last week, making practically impossible for ETH to get past the value of 180$.
While it was speculated during the end of October and the beginning of November 2018 that ETH might be able to touch the value of 300$ by the beginning of 2019 with a potential of reaching a higher value even, now a question remains whether Ethereum would even be able to get past the value of 200$.
Ethereum (ETH) Price Today – BTC / USD
At the present rate of progress for ETH in the market, a very little progress is actually seen as ETH is having difficulties with acquiring a portion of any positive trends in the market.
With the latest blow due to the negative market trends that have led ETH to its new low for the year, Ethereum is seen losing almost -50% during the course of a year, which makes the recovery critical and also difficult for once the second best crypto.
Will Ethereum Go Even Lower or Recover in the Upcoming Weeks?
At the beginning of November when the market was seen in a rebound and ETH was still at the value of around 215$, many predictions indicated that ETH would come to rise at least 3 times its value before the end of 2018.
The price of 600$ for ETH, however, looks a rather unrealistic goal at this point when Ethereum is seen in a major dip.
One cannot help but recollect the words of the first man of Ethereum, the CEO and founder Vitalik Buterin, who stated months back when ETH dipped to its first major low in months that he wouldn’t be surprised if Ethereum would touch 0 in the following months.
It appears that ETH is lowing a lot of its value, so at this point at least having ETH back by over 220$ by the end of 2018 would be somewhat a valuable reconciliation the way things are working for Ethereum for the past few months.