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The price of Ethereum is currently trading around $ 90 while it falls more than 93% from its peak. The feelings of the market are moving towards a further pain coming when the ETH shorts reach the historical maximum (ATH).
"Nobody wants ETH", Ethereum Shorts Reaching the Moon
Desk Update: Historically, our trading volumes have been more evenly assessed between BTC and ETH. However, our recent flows have been strongly diverted to BTC – with around 70% of our BTC transactions.
– Cumberland (@CumberlandSays) December 7, 2018
Ethereum dropped to two digits with yesterday's crash. By briefly touching $ 84, ETH has reached its 19-month low. At the time of writing, the third largest cryptocurrency by market capitalization of $ 9.6 billion was trading at $ 92 with 24-hour gains of around 7%. In the BTC market, ETH is around 6 percent green.
Price chart for 1 month of Ethereum, source: Coinmarketcap
Despite the serious fall, ETH registered the Greens on the announcement of its long-awaited launch of Forcella Costantinopoli towards mid-January 2019.
#Ethereum Fixed fork of Constantinople mainnet planned for block n. 7080000, estimated around January 16, 2019!
– Péter Szilágyi (@peter_szilagyi) December 7, 2018
This upcoming hard fork involves five Ethereum Improvement Proposals (EIPs) that will radically change the Ethereum blockchain.
These improvements could help raise the price of Ethereum and fuel it to compete with its competitors like Tron, whose founder and CEO Justin Sun is eagerly suggesting to developers and projects of Ethereum to migrate to the Tron network.
However, the price of Eth has much more pain coming in as the popular trader and investor, Crypto Squeeze has shared,
Found the reason of the $ ETH bounce 7 hours ago.
The Hardfork date was announced 11 hours ago.
It is not a coincidence.
And that $ ETH the rebound could have driven the $ BTC also the price.I still do not think this is the real long-term fund for either $ BTC is $ ETH yet.
Too early to say https://t.co/Qj5zBeOZqt– Squeeze [When Moon?] (@CryptoSqueeze) December 8, 2018
It seems, this is what other investors and traders believe is so that the ETH shorts have reached the all-time high with a sharp jump.
Source, TradingView
With the short films coming so high, market sentimentes currently point to expectations of further price declines.
Already in February, this year, the founder of Ethereum Vitalik Buterin had tweeted,
"Reminder: cryptocurrencies are still a new, hyper-volatile asset class and could go down to almost zero at any time." "Do not put more money than you can afford to lose." If you're trying to figure out where to save the life savings, traditional resources are still your safest bet. "
Do you think Ethereum is slowly coming to the "near zero" point, as Vitalik had mentioned?
The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication has no responsibility for personal financial loss.
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