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To assess the general feeling of the cryptocurrency market, most people look at the major currencies classified by market capitalization. As of now, none of those markets seem too tempting. In the case of Ethereum, the price continues to decline at a very rapid pace. Given that this currency is now valued at less than $ 87 per ETH, one must wonder how terrible things will get in the next few weeks.
The price assault of Ethereum is not cute
It was another difficult week for all cryptocurrencies and digital resources, which was to be expected. In recent months there has been no sustainable uptrend and today apparently it will not be any different. Even though most traders have been sued to this bearish pressure, there are still many concerns about where things will go. The current price of Ethereum of just over $ 86 certainly seems rather shaky in this regard.
In the last 24 hours, there was a further decline of 4% of the value in USD and a decrease of 0.6% of the BTC value. This last aspect is rather interesting to keep an eye on, as one would expect this deficit to be much greater. This could be an altcoins signal that is mounting a return soon enough, although there is no real indicator that it can actually happen. As such, it seems that the price of Ethereum will not see a rebound in the near future.
An interesting statistic was provided by the team of Huobi Australia. They took a closer look at the current hashrate of the Bitcoin and Ethereum network in December. Both currencies have seen a rather significant decline in this regard, as they continue to follow similar patterns. The lower prices make mining less profitable and affects all cryptocurrencies.
From 26 November to 2 December, the average hashrate reached 38.60 EH / s for the entire Bitcoin network and 190.872 TH / s for the Ethereum network.
The research of Huobi conducts weekly insights, here are the latest: https://t.co/x0UDsqDJbF#huobiau #cryptocurrency #bitcoin #hashrate #ethereum pic.twitter.com/TVR485i4bt
– HuobiAustralia (@HuobiAu) December 14, 2018
On the positive side of the spectrum, there is a rather interesting development to take into consideration. NEthereum was launched, which serves as the Ethereum encoding library for the .NET coding language. This is a very positive sign first of all, as it could get more programmers interested in working with Ethereum technology. Efforts such as these can pave the way for a better ecosystem as a whole, although this may not necessarily have an impact on the price of Ethereum from now on.
NEthereum is a #Ethereum library for #Dotnet https://t.co/9ICCk8sxk8 #Blockchain #Programming pic.twitter.com/HcwDVfQAIh
– lepinekong (@lepinekong) December 14, 2018
By looking at the ETH from a technical analysis point of view, there is still a good chance that things will start to improve by moving forward. As Amarkets explains to the world, there is a good chance that the positive moment will materialize soon. Where that impulse would come exactly from experience, now is the case for anyone. There is nothing to justify reversing the market right now, but weird things have happened over the years.
As always happens when the momentum remains very bearish, there is a real sense of depression between traders and speculators. Today it is no different in this sense, but simply there is a lot to be overly enthusiastic about. In the case of the price of Ethereum, finding stable land remains a problem, as it approaches support levels at $ 85. Whether it's a good thing or not, it's a completely different matter.
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.
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