To gauge the overall cryptocurrency market sentiment, most people look to the top currencies ranked by market cap. As of right now, none of those markets look too appealing. In the case of Ethereum, the price continues to fall at a very rapid pace. As this currency is now valued at under $87 per ETH, one has to wonder how dire things will get over the coming weeks.
Ethereum Price Onslaught Isn’t Pretty
It has been another rough week for all cryptocurrencies and digital assets, which was only to be expected. There hasn’t been any sustainable uptrend in the past few months, and today will seemingly not be any different. Although most traders are getting sued to this bearish pressure, there are still plenty of concerns as to where things will head next. Ethereum’s current price of just over $86 certainly looks rather shaky in this regard.
Over the past 24 hours, there has been another 4% drop in USD value and a 0.6% decline in BTC value. This latter aspect is pretty interesting to keep an eye on, as one would expect this deficit to be much larger. This could be a sign of altcoins mounting a comeback pretty soon, although there is no real indicator that will effectively happen. As such, it seems the Ethereum price will not see a rebound in the near future.
An interesting statistic has been provided by the Huobi Australia team. They have taken a closer look at the current Bitcoin and Ethereum network hashrate throughout December. Both currencies have seen a rather significant decline in this regard, as they continue to follow similar patterns. Lower prices make mining less profitable and that affects all cryptocurrencies.
From Nov 26 to Dec 2, the average hashrate reached 38.60 EH/s for the entire Bitcoin network and 190.872 TH/s for the Ethereum network.
Huobi Research conducts weekly insights, here's 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 pretty interesting development to take note of. NEthereum has launched, which serves as an Ethereum coding library for the .NET coding language. That is a very positive sign first and foremost, as it may get more coders interested in working with Ethereum technology. Efforts like these can pave the way for a better ecosystem overall, albeit it may not necessarily impact the Ethereum price as of right now.
https://twitter.com/lepinekong/status/1073501813951877120
When looking at ETH from a technical analysis perspective, there is still a decent chance things will start to improve moving forward. As Amarkets explains to the world, there is a good chance upward momentum will materialize fairly soon. Where that momentum would come from exactly, is anybody’s guess right now. There is nothing to warrant any market reversal at this time, but stranger things have happened over the years.
As is always the case when the momentum remains very bearish, there is a genuine sense of depression among traders and speculators. Today is no different in that regard, but there simply isn’t much to be overly excited about either. In the case of the Ethereum price, finding stable ground remains a problem, as it inching closer to support levels at $85. Whether or not that will be a good thing, is a different matter altogether.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.