Etheruem has long been on the downward slope loosing immense amounts of value over a fairly short period of time. Currently it seems that we are in the midst of a fairly big dump as trading volumes have increased hugely over the past few days whilst prices have seen an opposite movement as they slide further and further into oblivion.
This week has been one of the worst weeks for ethereum throughout this month as it has experienced what many would call a flash crash as nearly one fifth of the value of the coin has been wiped in a matter of days. Starting yesterday the prices began their downward trend as prices began a slow but steady decline reaching prices of 0.0047 BTC in a matter of just 6 hours. However disaster soon struck as the prices of ethereum crashed to 0.0041 BTC in a matter of 2 hours. Whilst this price crash was dramatic it has been referred to as the beginning of the dump as volumes being traded are in an excess of $1.5 million. This has come as a shock to many considering trading volumes were lingering in the range of $350k just a matter of days earlier.
Well currently there is not a lot of optimism available in the markets. As currently market prices are in turmoil it may not be the ideal time to jump in and buy cheap coins. This is advised for two reasons as at the moment the momentum driving the prices down being too strong. I would put the floor at around 0.004 BTC. Whilst we are nearing the end of the tunnel it may be a long while before progress upwards begins and I would advise anyone aspiring to enter the market to do so on Monday when prices should have increased by 5-10%. Please trade responsibly and never invest more than you can afford to lose.
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