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The current impetus of cryptocurrency prices has become more than evident that it is not doing too many people to any favor. With Bitcoin being mistreated, things begin to worsen progressively even for Ethereum. Its value hit the double digits again yesterday afternoon, but now it is struggling to stay above $ 85. This is going from bad for worse in a quick succession, and the worst may not be over yet.
The price of Ethereum falls from the cliff
These are not the most encouraging or pleasant moments to involve in cryptocurrencies. Especially the people who bought at the peak in 2017 may wonder how they could misjudge their investments so spectacularly. Since then there has been no improvement, and the impulse becomes even more bearish over time. The total is not unlikely crypto of the market it will drop back to $ 40bn as early 2017.
In the last 24 hours, the Ethereum price he lost tremendous value. It is almost impossible to imagine this currency worth over $ 1,200, even if it was only a year ago. Today, however, the value dropped to $ 85 by courtesy of another $ 17% loss in USD and a 6% loss in BTC value. While losses continue to accumulate for Ethereum, even its market capitalization has fallen below the $ 9 billion mark spectacularly. A further decline to $ 7.5 billion seems to be on the horizon.
On social media, all discussions concerning cryptocurrencies are somehow subject to despair above all. Peter Hayley-Barker wonders if anyone is even buying cryptocurrency in these market circumstances. There is no adequate answer in this regard, even if every coin sold is bought by someone else. Few people buy to inflate prices at this time, as everyone wants the best bang for health first of all.
There's someone out there who's still buying #crypto? Honest question #btc #ltc #eth
– Peter Hayley-Barker (@ PeterHarker) December 7, 2018
The social sentiment for Ethereum is still relatively neutral, although it is not necessarily a good thing. As illustrated by The TIE, the current price trend of Ethereum will probably continue, and it is not necessarily an improvement in sight. Despite the neutral sentiment, a further fall in prices seems to be the only logical result. Finding a stable fund will be crucial, but for now it remains above all a game of riddles.
Track our schedule #Ethereum price projections here.
Click on the price projection chart to view the range of values we have projected an hour before, our estimate of prices and the actual price.
7 days projection accuracy on #ETH it was 91.98% https: //t.co/7gw423l7Od
– The TIE (@TheTIEIO) December 7, 2018
Ross Middleton sees things in the dark spotlight, even if it's completely understandable right now. This user sees a triple interrupted fund for both Bitcoin and Ethereum, which usually indicates higher downward pressure. As long as Bitcoin will not find stable ground and support, there will be no improvement for Ethereum and other altcoins. As such, next weekend will be quite disappointing, unless something extraordinary happens.
Triple funds on both severely broken BTC and ETH. The next target for BTC is $ 3-3.2, but with the BFX shorts near ATH and the widely publicized $ 3k level, I'm getting closer to this on the side of the purchases and not on the sales side. Alt support levels mean nothing until BTC support is found. #BTC #ETH pic.twitter.com/g7YWsNy0Fz
– Ross Middleton (@ethfinexross) December 7, 2018
With the price of Ethereum now in difficulty for the $ 85 level, it seems that this project can not hold third place in the market capitalization rankings. Although Ethereum will benefit from an upward trend in Bitcoin prices, other altcoins and assets will do the same. There seems to be real concern about the future of Ethereum, at least as far as price is concerned. More and more dApp are abandoning this blockchain in favor of other solutions, which can add more negative pressure.
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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