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Although it was somewhat predictable, today is not a good start for the cryptocurrency markets. Everything went deep red due to a rather bearish hourly chart. Support for uptrend trends showed difficult in this area for some time. The Ethereum price he knows it all too well, as he has fallen below $ 140 and could continue to fall.
The fall in prices of massive Ethereum materializes
After what looked like a rather promising start to the year 2019, the cryptocurrency markets have again been subjected to strong downward pressure. For most speculators, this is not a big surprise. It was quite clear that the bear market is all but finished at this point and that a correction would have intervened sooner rather than later. The volatile nature of that correction is not exactly what most people expected, however, and yet the situation is still developing right now.
In the last 24 hours, there was a rather steep descent into the Ethereum price department. Once Bitcoin begins to slip, all other currencies will usually follow the example. The current decline in value of 8.5% in USD brings the price of Ether to $ 139.34. There is also a 3.5% net loss in ETH / BTC, as the 0.04 BTC level seems unattainable at this time. Unfortunately, this could only be the beginning of what is still in store.
On social media, at the moment there are only discussions on the price of Ethereum, instead of the next hard fork of Constantinople. This is always a bit unlucky, although it is also to be expected in these conditions. CryptoMeter states that there was a recent ETH sales business worth over $ 7 million, which is quite interesting. This indicates that the selling pressure will most likely continue for quite some time to come.
#BINANCE: #ETH The business is worth 7 million US dollars #cryptocurrency #cryptotrading visit us on https://t.co/LIVO4vKBXG
– Visit CryptoMeter.io (@CryptoMeterIO) 10 January 2019
Dajuan, fond of using too many capital letters in his tweets, would like to remind everyone that the bear market is still fully operational as of now. He would also like to warn users not to try to take this falling knife. While gloating it is always easier in hindsight, it is evident that this surge of pressure could very well remain in place for some time to come. It would be rather unfortunate, although it is also completely normal.
#FALLINGKNIFE #BTC #ETH #ADA SO MUCH FOR THESE LONG GAMES .. LMFAO YALL SO WE ARE STILL IN A BEAR MARKET DESIRE 🤣🤣🤣🤣 DONT HAT THE PLAYA HATE THE GAME BABY !!!!!!!!! #cryptocurrency #blockchain pic.twitter.com/XZJsiB8vMo
– Dajuan (@DAJUAN_DON) 10 January 2019
Last but not least, price charts all tell the same story for most cryptocurrencies at this time. Everything was fine until a few hours ago, when a sudden massive sell-off was triggered for most currencies. It's strange how an hourly candle can destroy any level of support in rapid succession, but this is the nature of volatile industries first of all.
The beautiful green candle on the last day changed color. #Bears stay strong
Where am I #BTC is #ETH going? pic.twitter.com/199Lk8U0mK– Tobias (@ to61free) 10 January 2019
In these market conditions, it would seem like it was all that is worth noting today. Every big market loses value in quick succession and it may take a while to recover losses. Surprisingly, it appears that the price pressure of Ethereum is not pushing down value at this point, which may indicate that the true sales panic has not yet begun. It would not be a favorable result, even if you never know how cryptocurrency traders and investors respond to market movements.
Disclaimer: this is not about trading or investment advice. The article above is for entertainment and training purposes only. Please do your own research before buying or investing in any cryptocurrency.
Picture (s): Shutterstock.com
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