It is a very interesting week for all cryptocurrencies, albeit not necessarily for the most obvious reasons. A fresh wave of bearish momentum appears to affect all of the top markets. In the Ethereum price department, minor losses have become apparent in USD and BTC value. This also means the currency will not retake the second spot in the market cap rankings anytime soon.
Ethereum Price Momentum Sours Again
No one will be surprised to learn the cryptocurrency markets aren’t out of the woods yet. Last year was increasingly bearish for all of the markets. It now seems early 2019 will not offer the much-hoped change of pace. Losses can be noted across all particular markets in varying degrees. This puts a lot of pressure on the industry once again, although that is only to be expected at this time.
Over the past 24 hours, there has been another drop in Ethereum‘s value. With a 2.8% Ethereum price decline, its value now sits at $122. There is also a 1.6% decrease in ETH/BTC, which doesn’t bode well. Now is the time for all currencies to gain ground on Bitcoin itself. Unfortunately, it seems like that will not be happening anytime soon. That may make some Ethereum investors and speculators rather uneasy.
There isn’t too much exciting Ethereum news on social media either. With Constantinople being pushed back again, the overall sentiment has become somewhat indifferent. There is some positive news, as Bitfinex enabled another Ethereum-paired trading market. Although it is for a minor token, this further shows overall interest in Ethereum as a base trading market remains in place.
— New crypto markets (@latestmarkets) January 17, 2019
When looking at the current price chart, things will get interesting for Ethereum. It seems another drop is very likely to materialize in the coming days, although that will eventually lead to an uptrend. At least, that is what Yim is hoping for right now. Whether or not that will be the case, is a different matter altogether. There isn’t anything to warrant an ETH uptrend right now.
Two scenarios I can see happening pic.twitter.com/9gqmZFDpJK
— yim (@crypto_yim) January 17, 2019
As is usually the case in the cryptocurrency world, there are arbitrage opportunities to take advantage of. In the case of Ethereum, there is some good money to be made right now. While this usually involves dealing with the EXMO exchange, it is still pretty interesting to explore these options. Cryptocurrency is all about making money first and foremost.
Buy at #OKEx and sell at #EXMO. Ratio: 1.83%
Buy at #Poloniex and sell at #EXMO. Ratio: 1.82%
Buy at #Gate.io and sell at #EXMO. Ratio: 1.76%
Buy at #LiveCoin and sell at #EXMO. Ratio: 1.28%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) January 17, 2019
Keeping all of the current market circumstances in mind, it remains to be seen what will happen to Ethereum later this week. The delay of Constantinople will set the market back quite a bit, primarily because it was the main “selling point” of ETH for Q1 2019. Those with a short-term mindset will potentially turn their back on Ethereum, whereas everyone else will patiently wait to see what comes next.
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.