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Since all cryptocurrencies remain buried under a new level of downward pressure, it will be interesting to see how things will go in the coming weeks. For Ethereum, the two-digit value is much closer in the last days. A slightly more negative price pressure will crumble support to $ 100, which is a rather interesting development, though not necessarily for the right reasons.
Support for the price of Ethereum is running out of gas
Although it has come a long time, the Ethereum price it's really about to fall into the two-digit range. Most of the holders are developing, and speculators prefer not to see themselves materialized, but there is little reason to expect anything different in the coming weeks. As the assault continues, this pressure will intensify further, and it is not known where the fund will be.
In the last 24 hours, the price of Ethereum has lost another 6.3% in USD and 4.5% in Bitcoin. As long as the overcoins do not progress one millimeter in the BTC relationship, things will not improve soon. For Ethereum, it seems that this is a battle that simply can not be won. As a result, a decline of less than $ 100 would only require a further 2% decline at this time. It is very likely that it will happen very soon, even if you never know if this will actually be the bottom.
There are some positive news that could keep the price of Ethereum in the three-digit range for a while. Bitwise has apparently confirmed that they will introduce two new liquid funds. As you would expect, there will be a strong focus on Bitcoin, even if the company has not yet given up on Ethereum. Whether this is an intelligent decision or not, it is a completely different matter.
#Bitwise Launch of two new low-cost liquid funds focused on #Bitcoin is #Ethereum pic.twitter.com/wz2zDgm7kT
– CryptoEase (@CryptoEase) 6 December 2018
On the other hand, we must ask ourselves if there is a future for the Ethereum technology if not the creation of initial offers of coins. Although smart contracts can be used for thousands of purposes, it is clear that ICOs are the main eye-catching trend. As the SEC continues to repress such projects, it seems to be a matter of time until new use cases are discovered, or Ethereum moves away completely from consumer-oriented applications and services.
#cryptocurrency #bitcoin #ethereum #sec #ico pic.twitter.com/zBZSvjL2Xi
– Farcas Ionut 🌀 (@ionutbtc) 6 December 2018
Observing the current market trend from the technical analysis point of view, it seems to be a matter of time before Ethereum falls below $ 100. There is really nothing that supports the market. current level, and downward pressure would not give up soon. A dip below $ 100 can only be the beginning of Ethereum's problems in the price department, because everyone knows it. Even so, just a huge bitcoin to rebound all the rest in the green.
"This is #Ethereum Ethereum still holds $ 100, I do not know why or how. Ethereum should return to $ 1 " pic.twitter.com/U6caQInR7o
– ᴾᴵᴹᴾᴵᴺᴳᴷᴱᴷ⚡ (@pimpingkek) 6 December 2018
The big question is how traders and speculators will respond once the price of Ethereum falls below $ 100. A further chaos in the market is not entirely unexpected, although it seems unlikely that the price will drop much lower than $ 99 during the opening hours. If a market reversal does not occur, it is likely that a slow and steady bleeding at $ 80 or less will materialize in the coming weeks and months. Not the scenario expected by the people in January 2018, this is certain.
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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