The cryptocurrency market witnesses increased fluctuations. Investors follow several methods before pouring their money into assets, one of which is analyzing trading patterns.
The market, however, is immensely volatile, so it isn’t sure that these assets will follow historic patterns. This will be the case for Ethereum (ETH) as well.
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Best Days To Purchase Ethereum for Big Gains
Ethereum’s Market Performance
Ethereum was one of the earliest cryptocurrencies to hit the market. While the asset is popular as the world’s largest altcoin, others could be catching up. ETH’s price saw a nearly 10% drop over the past month, which could be a major accumulation period for the altcoin.
Ideal Days To Buy Ethereum
According to CoinCodex, Wednesday is the ideal day to purchase Ethereum. The price has gained an average of 0.584%.
It should be noted that Monday comes in second place with an average daily gain of 0.547%. Like Bitcoin and the rest of the cryptocurrency market, Ethereum only displays negative gains on Fridays.
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Current Market Status
ETH was trading at $2,329.99 at press time, following a 2.83% drop over the past seven days. Ethereum has been on a downtrend for a while now.
The altcoin is 52% below its peak of $4,891.70. As the community is rooting for the asset to hit $5,000, its current slump might be a good time to accumulate.
Investor Sentiment
In addition, the rut did not stop investors from staying bullish. At press time, Coinglass’s ETH Long/Short Ratio Chart was at 1.00, reflecting traders’ optimistic outlook.
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50% of the top traders in Ethereum were long, and 49% were short. This implied that bulls controlled the asset and may close off short bets.
