It seems evident the year 2018 is almost becoming the year of the cryptocurrency “dumpening“. All markets continue to struggle for no apparent reason and the prices are going lower every single day. These past 24 hours have been no different, although it seems the Ethereum price is getting battered quite badly. These past 24 hours have successfully pushed the Ethereum price below $550 and the bottom isn’t in sight just yet.
Where is the Ethereum Price Heading Next?
For the time being, the cryptocurrency markets do not seem to make much sense. With the Bitcoin price in the dirt, all other cryptocurrencies are bound to follow. While there will be some pump-and-dump attempts of smaller and insignificant currencies, it seems the Ethereum price is going straight down. After a very rough week which only just ended, the new momentum only seems to be driving the value down even further.
More specifically, the Ethereum price has dropped below $550. It is the first time in over a week the Ethereum price goes this low. In fact, the value per Ether was just over $720 on May 22nd. A massive price dip has occurred earlier this morning, albeit no one knows for sure what has caused it exactly. Even so, recovering from this massive setback will prove to be very challenging, for rather obvious reasons.
With this latest 8.76% setback in USD value and another 7.86% decline in the ETH/BC ratio, things are not looking all that impressive for the Ethereum price. At this rate, it seems to be a matter of time until the Ethereum price drops below $500, which would spook a lot of holders, for rather obvious reasons. Panic selling has already begun to set in, which will continue to drive the Ethereum price down for the foreseeable future.
The Ethereum trading volume is still holding relatively strong at $2.221bn in the past 24 hours. Unfortunately, most of that trading volume is made up of people looking to dump their Ether holdings at bottom prices. At the same time, there will be some people buying the dip, as this creates an exciting opportunity to stock up on some cheap Ether.
Fiat currency markets are not hard to come by where Ether trading is concerned. Right now, only Bitfinex is in the top six, whereas the rest is made up of BTC and USDT trading pairs. OKEx, Huobi, and Binance are all in the top five as well. With just two exchanges generating over $100m in volume these past 24 hours, things are not necessarily looking all that great. Only time will tell if the Ethereum price can pick up the pace moving forward.
The way things look right now, there will be no positive momentum to be found for any of the top cryptocurrencies. This bad start tot he week will probably result in a downtrend for the remainder of this week, perhaps with the exception of the upcoming weekend. Even so, there is a fair of manipulation going on in the cryptocurrency world right now, and it seems the bears will remain in the driver’s seat for some time to come.