While other altcoins have recorded year-to-date increases, CoinMarketCap’s data shows that the Ethereum price has only increased by 5% since the beginning of the year. Related Reading: Ethereum Price Analysis: ETH Faces Moment Of Truth’ After Crash Toward $3,000 Over the past month, the cryptocurrency experienced an 18.5% price crash owing to market volatility and the sudden decline in Bitcoin’s value.
Lately, the Ethereum price has been trading sideways, experiencing massive declines that the analyst has described as a "shake out.” Related Reading: Ethereum Price Enters Bullish Expansion, Analyst Reveals How High It Can Go In February His chart shows that Ethereum has recorded a unique pattern of shakeouts over the past years, followed by explosive upward moves.
In this context, a shakeout refers to a sudden drop in the price of a cryptocurrency that forces weak players in the market to sell their holdings before the price reverses and surges upward. In his price chart, Ethereum experienced a final shakeout around 2020, during the previous bull market.
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