Ethereum, the world’s second-largest cryptocurrency by market capitalization, dropped below 2,000 USD for the first time since mid-May.
Since the market opened to market today, Ethereum has so far not recovered and continues to trade weakly.
At press time, the coin was trading just over $1,900, down nearly 23 percent in the past 24 hours.
This is much more than Bitcoin, the largest cryptocurrency by market capitalization, which is currently worth just over $32,000.
Bitcoin is down about 15% in the last 24 hours and about 30% in the last week.
The weakness of the cryptocurrency market looks interesting considering that the market has been extremely volatile since April.
While the majority of the market remains in the red, there is a chance the coin could drop to $1,500 or as low as $2,800 in the coming days.
Waiting For The Spectacular
While it is important that market trends match investor sentiment in order to boost Ethereum, a silent killer in the form of expiring contracts lurks quietly in the dark, ready to strike anytime.
To paint a picture: Ethereum is facing its biggest expiration date for options in 2021, which prominent experts on Twitter have called the “make or break” moment for the ETH markets.
The impending expiration is 30 percent larger than that which occurred in March, which notably resulted in the coin falling as low as $1,550 over the next five days.
After that, however, the ETH price rose nearly 264 percent from $4,100 over the next two months.
Analysts expect a similar trend this time around, and the next bull run will likely be the best of them all.