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In the last two hours, Ethereum has undergone an accelerated decline. This decline led to another jolt in the market ranking, seeing Ethereum again being overtaken by XRP.
It is not yet clear what triggered the downturn with traders who are now seriously worried about the impending rigid fork of Constantinople. Although many expected to see prices rise as we approach this event, things seem to take a different turn. There are still a couple of days left to be done before the hard fork takes place and a lot of time to recover the prices of Ethereum.
One speculative reason why prices have stepped is the growing frustration in undecided movements and the lack of coins to break key resistance levels. Ethereum was not the only currency in a stall in the last two days, but rather the broader market. Bitcoin BTC was not spared in falling prices and at the time of printing fell below the value of $ 4000. At the time of printing, the bitcoin fell 5%, dragging prices to the $ 3,800 position.
At the time of the press, Ethereum fell by over 10% and is now trading for just over $ 135. So far, the broader market has lost over $ 8 billion with the total market standing at just over $ 130. billion. Prices around the market do not seem to have a recovery in sight and therefore prices should continue to fall in the next two hours.
However, a recovery should start in the next two days, as in the case of any dramatic change. Could it be the habits of 2018 to come back?
New year, old habits
It certainly looks like this. Many hoped that this trend would be left behind in 2018 after the positive start of 2018, but barely 10 days from the start of the year and old habits are coming back. It will be interesting to see how quickly the bulls can evoke a recovery and bring prices back. The recovery could well set the tone in which the market is moving towards the foreseeable future.
If prices were to remain locked in their current lows, this could see the year slowing down and investors moving away from the market. On the other hand, if the market soon finds support and rallies, this will increase investor confidence in the coming days.
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