With the number of Coronavirus cases increasing to 937,567, with 194,311 patients recovered and 47,256 deaths, each country has taken drastic measures. As a result, COVID-19 has wrecked small or large businesses, resulting in entire industries falling at its feet. This Coronavirus pandemic has progressed from a deadly health emergency to a global financial crisis, although the crypto market is different, as we will see with Ethereum.
Among the measures carried out by the countries, strict quarantine protocols are found and the total blockade at the national level is applied more than expected, causing the temporary closure of companies to discourage community contact. People are asked to stay home while the government tries to save what it can.
Ethereum reacts to panic to Coronavirus
The cryptocurrency market did not escape the pandemic crisis as investors witnessed massive price fluctuations due to the Coronavirus panic. However, cryptocurrency prices appear to rebound early last week despite equity markets still struggling.
Ethereum (ETH), the second most valuable cryptocurrency, showed price increases alongside other crypto giants like BTC. On March 23, ETH started with a high of $ 125 and increased to $ 140 on March 24, an increase of 12% in 48 hours.
The volatility of the crypto market currently makes investors go crazy. Considering that trying to predict prices becomes increasingly complex as the fight against the Coronavirus continues and the panic it generates.
The ETH price recovery gave some analysts hope as the head-and-shoulder pattern began to form. However, on March 27, ETH experienced another stumble. It peaked at $ 140 before falling and closing at $ 130, a -7% decline in 24 hours.
While aggressive price waves can be troubling, other unsuspecting crypto investors see bright profit opportunities in these tough times. It is the perfect setting for Ethereum enthusiasts to increase their holdings and buy ETH while the price is still low, a good time to upgrade your cryptocurrency portfolio. Having more ETH means more profit going forward as prices are expected to rise again as the Coronavirus panic subsides.
Final thoughts
Margin traders also have their eyes on technical analysis to spot opportunities through leveraged margin trading. Taking advantage of market volatility through leverage means substantial gains for them and, of course, the ability to diversify their positions.
As the pandemic intensifies, more investors are looking for various investment opportunities. Now could be the right time to learn about cryptocurrencies and join the revolution. Experience crypto trading with PrimeBit, a trusted and beginner-friendly P2P derivatives trading platform that offers up to 200x leverage, the highest on the market. In PrimeBit, users enjoy full transparency and fast business executions at very low rates.
Sign up today!
