It has become evident things are still quite fragile in the world of cryptocurrency as of right now. More specifically, the Ethereum price simply can’t catch a break. Any small gain is followed by a massive sell-off, resulting in the Ethereum price dropping below $550 once again. A very worrisome trend, especially for short-term holders.
The Ethereum Price Trend Remains Bearish
This past week has been anything but positive for all cryptocurrencies. This is especially true when it comes to the Ethereum price, which has suffered from a massive beating last week. It now seems this cycle is destined to repeat itself, as the Ethereum price is dipping once again. Sustaining the $550 level provided to be virtually impossible, by the look of things.
To put this into perspective, the past 24 hours have resulted in an Ethereum price decline of 6.09%. This is twice as steep as Bitcoin’s dip, which is not something to be excited about whatsoever. These losses put the Ethereum price back under $545, even though it was over $600 a week ago. This is still higher than the $460 value late last week, but there is no positive momentum to speak of right now.
Ethereum has also lost 2.62% against Bitcoin itself, which only further confirms there is no real improvement in sight as of right now. For the people who hope to see the Ethereum price return to $1,200 and higher, the wait will be quite long, to say the least. As of right now, the Ethereum price will remain under a lot of pressure and its value may very well drop below $500 again by the end of this week.
With $1.6bn in 24-hour trading volume, things are not looking all that bad for Ethereum as of right now.This volume is quite high compared to most other altcoins, but it is evident the sellers vastly outweigh the buyers as of right now. As long as this trend continues, the Ethereum price will continue to decline, and dropping to $500 is not impossible whatsoever.
As of right now, Bitfinex is still the largest exchange when it comes to Ethereum trading. It is also the only platform to reach over $100m in trading volume as of right now. OKEx is in second and third place, as their USDT and BTC pairs are generating more volume than Huobi and Binance as of right now. It will be quite interesting to see how all of this evolves in the next few hours and days.
For the time being, the Ethereum price is suffering from so much negative pressure, it is pretty much impossible to predict any positive momentum. Whether or not this means we will see any further Ethereum price declines, remains to be seen, though. Anything is possible in this regard, but for the time being, the negative pressure will continue unabated.