Eleven months ago, it was almost unimaginable that the time would come when a $ 100 position for Ethereum would be questioned. However, this has all the odds to become the case, a reminder that the cryptography market is still highly volatile and the changes come quickly and dramatically.
After playing well over the weekend and having seen some marginal gains on Monday, the currency has come back and is again under $ 90. This follows a fall in prices from bitcoin which slipped back below $ 3,500 and with it the majority of the altcoins have diminished. Over it On Monday we reported that bitcoin needed to find a trigger and push prices higher, setting levels of resistance and higher levels of support. This is yet to be found and it is therefore not surprising that the cryptographic leader is not able to stay above $ 3,500. Furthermore, there is no sign that there will be a trigger at any time, making bitcoin's position precarious.
The decline saw the total market capitalization drop to $ 108 billion after the rally over $ 111 yesterday.
At the time of the press, Ethereum is down 4% and trades just over $ 89. Last week, Ethereum hit the low of $ 84, a position from which it quickly came back. Holders hope that the currency does not return back to this position and that it is its bottom. Previously, Ethereum dropped and broke presumed bottoms leading to further losses. If the currency is to rise and rise again above $ 100, you will need to find support and rally above $ 90 soon.
While Ethereum is falling, XRP is still stuck in the $ 0.30 position even though it slipped to $ 0.29 several times in the last couple of hours. The decline follows a demonstration yesterday that saw the currency rise to $ 0.31. Given the downward momentum, XRP will probably settle at just over $ 0.29.
The last two weeks have been bearish for the wider market, but if there is a chance for a rally at any time, the most important currencies must soon find support and start the rally. For the bitcoin, in particular, the leader must remain above the $ 3,500 position and restore confidence in the market. Even Ethereum must stay above $ 90 if he wants to keep his dream of a $ 100 position alive.
In the next two hours, following this bearish state, it is likely that the coins will continue to decline until they can find support and resume again.