The cryptocurrency market has witnessed the arrival of several new assets over the last couple of years. Amidst this, Bitcoin (BTC) and Ethereum (ETH) continue to reign as the top two cryptocurrencies. While BTC has exhibited impeccable growth, ETH seems to be lagging behind. This has led to investors second-guessing their investment in the altcoin. But things could be taking a new turn in the ETH market sooner than later. Will mid-May bring in notable gains for its investors?
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How High Is Ethereum Faring Today?
The price of Ethereum saw a modest rise today. The world’s largest altcoin rose by 1.54% throughout the past 24 hours. Just earlier today, ETH was trading at a low of $1,766.65 before jumping to $1,849.66. At the time of writing, the asset was priced at $1,803.64.
While most assets pocketed notable gains during the past year, ETH witnessed a drop during this period. Ethereum dipped by 41% over the past 12 months. But things could be looking up for the altcoin sooner rather than later. According to an analyst on CryptoQuant, the fact that Ethereum spot volume is decreasing might be a positive indication. The analyst explained that seeing volume drop in such a context should assist lower volatility, given Ethereum has recently been undergoing a correction. As a result, this may help alleviate the selling pressure that has been exerted on the market.
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Mid-May Prediction
Ethereum could be witnessing a rise as early as next week. According to data from CoinCodex, the leading altcoin will record a 21% rise during the next few days. On May 15, ETH will surge to a high of $2,081 following a 15.20% uptick. It should be noted that the asset will trade at $2,203 on May 13. This marks a notable increase from its current price level.
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