Unlucky Number 7: Ethereum Makes Seventh Milestone 50% Drawdown

Ethereum rides ahead on the crypto market’s most recent trend to the upside. As of press time, ETH, BTC, and larger cryptocurrencies show signs of recovery with potential for continuation in the short term, if they manage to break above their resistance levels. Related Reading | Ethereum Price Surges 30% Over Last Week Lows, Addresses Holding Over 0.1 ETH Reach New ATH As of press time, Ethereum (ETH) trades at $2,788 with a 6.5% profit in the last 24 hours. Data from Arcane Research indicates that Ethereum has seen its seventh 50% drawdown since its inception. The second crypto by market cap dropped to a yearly low of $2,200 which represents a 55% decrease from its high at $4,812. During the crypto market most recent downside trend, ETH lost a total of over $280 billion in market cap which represents its biggest decline on this metric since its launched. By taking ETH’s price as a proxy, it is possible to conclude the altcoin market as a whole suffered deeply in the past two months. In that sense, Arcane Research determined that this bearish price action to its yearly lows was one of Ethereum slowest in its history. It took ETH’s price around 75 days to reached $2,200 compared to a 38-day average. Conversely, Ethereum has always experienced a higher average in terms of recovery. It takes ETH’s price an average of 165 days to returned to previous highs, per conclusions from Arcane Research. The firm added the following on...