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Ethereum managed to keep support above $ 100 for the third time in two weeks since it lost over 50% in mid-November.
Despite being one of the most popular and performing blockbusters of 2018 for the creation of ICO, Ethereum was one of the worst hit during the recent collapse of the cryptocurrency market. When prices began to slide heavily towards the end of July this year, many ICO projects struggled to continue operations. As a result, several projects that were built on Ethereum's ERC-20 standard went into liquidation and dragged the value of Ethereum with them.
After only barely managing to maintain support above $ 200 for most of September and October, Ethereum eventually exerted strong sales pressure in November. Quickly fell 50%, briefly exceeding the $ 100 support level for the first time in more than a year on November 25 and then again on the 27th. He held on but managed to stay above $ 110 for the most part early December, before testing again $ 100 today.
Whale hunting?
With prices now at the lowest levels since mid-2017, many believe that "whales" take advantage of the opportunity to buy large amounts of ETH. A report from the weekly cryptographic research publication diar indicates that 2018 saw whales accumulate more ETH than any previous year, with an increase in their properties up to 80%. While the overall value of the market has dropped significantly, the net balance of deposits and withdrawals is actually increasing by $ 1 billion.
Most technical analysis commonly predicts that if a resource manages to stay above a critical level three times in a row, support is strong and a possible rebound is at the horizon. However, with most other cryptographic assets in decline, a breakout below $ 100 is just as likely at the moment. Over the weekend, Bitcoin (BTC) once again passed the critical $ 4000 level and then left a further 6% today before finding support for $ 3,700.
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