Categories: CryptoNews

Ethereum Price Drops Below $800 as Bears Take Control

The cryptocurrency markets are always evolving in many different directions. Right now, the overall sentiment is pretty depressing, as the markets have gone down in value for quite some time now. With some markets losing 10% in value or more, things are not looking all that great. Especially the Ethereum price is struggling as of right now, for some reason.

Ethereum Price Struggle Continues

Anyone who has paid attention to cryptocurrency markets this year will have noticed things are not going exactly as planned. This is especially true for people who have high hopes for the Ethereum price, as things have ground to a halt some time ago. After surpassing $1,000 last year, the Ethereum price has not been close to hitting that target again for over a month now. It doesn’t appear we will see that high Ethereum price anytime soon either.

Over the past month, it has been pretty evident the Ethereum price is struggling for traction. Although there was a push to $1,000 a few weeks ago, this trend did not materialize in full Instead, things took a turn for the worse once again, as the Ethereum price has been on a steady decline ever since. After dropping below $950 again, the Ethereum price quickly dipped to $900, $850, and is now struggling to reclaim the $800 level.

This is partially due to the recent Ethereum price decline of 7.62%. Although Ethereum has not suffered from much of a loss compared to the Bitcoin value itself, Bitcoin is certainly dragging all altcoins with it at this rate. Unless Ethereum can gain momentum over Bitcoin, the USD value of this altcoin will not go up anytime soon. Moreover, with the ETH/BTC ratio declining as well, there is no Ethereum price improvement in sight as of right now.

With $1.9bn in 24-hour trading volume, things are not looking all that bad for Ethereum as of right now. The demand to trade this altcoin is certainly there, but it seems the sellers vastly outweigh the buyers as of right now. This situation can turn around at any given moment, but for the time being, the bearish momentum will remain in place.

As of right now, the biggest exchange for Ethereum trading is OKEx. Their BTC and USDT pairs combine for over 16% of all trades, which is well ahead of Bitfinex, Huobi, and Binance. There is just one fiat currency pair in the top three, and three fiat currency pairs in the entire top ten. One of these top 10 pairs is the Korean Won, which doesn’t matter to the rest of the world in the slightest.

For the time being, it seems evident the Ethereum price will continue to decline for a while to come. Hitting $750 or potentially lower is not out of the question as of right now, yet a lot of holders hope their fortunes will change sooner rather than later. Right now, it is unclear if and when that will happen exactly, as the current trend does not instill a lot of confidence. Then again, that is par for the course, as this trend materializes during the first half of every year.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Recent Posts

What Is DGTX Cryptocurrency?

Newly listed on CoinMarketCap (with a current market cap of $5,221,377 and a price of $0.007459), the DGTX token was…

12 hours ago

Russia’s Largest Banks to Offer Crypto Trading Platforms

While most financial institutions have continued to be proponents of the ‘blockchain is good, cryptos are bad’ narrative, two of…

13 hours ago

Decentralized Cryptocurrency Exchanges Are Finally Seeing Large Volumes, Led by IDEX

Despite skepticism from cryptocurrency traders and Ethereum users, decentralized digital asset exchanges are experiencing a rapid growth rate in terms…

14 hours ago

ASKfm’s ICO Publicity Stunt Costs a Man His Life

Despite having announced an ICO and a potential transformation into a decentralized ledger, ASKfm felt there still wasn’t enough attention…

15 hours ago

Norway Develops Electric Planes, Plans to Make All Domestic Flights Electric by 2040

On June 19, Norwegian authorities, engineers, and scientists led by Transport Minister Ketil Solvik-Olsen and Avinor CEO Dag Falk-Petersen successfully…

16 hours ago

Bitcoin Network Hash Rate Is on the Verge of Surpassing 40 EH/s

Even though there are a lot of debates taking place regarding Bitcoin mining, the network is in a good place.…

17 hours ago