Ethereum Price Struggles to Turn $650 Into a Solid Support Level
It seems things continue to go from bad to worse when it comes to the cryptocurrency markets right now. More specifically, we see all top 15 markets in the red, with the exception of Tether and NEM.Perhaps the biggest disappointment so far is the Ethereum price, which just can’t catch any break. Instead, we are now dealing with an Ethereum price which is poised to dip below $650 once again
Ethereum Price Woes Grow Worse
Looking at the bigger picture, the Ethereum price is still in a good place compared to one year ago today. However, it has become pretty evident the Ethereum price struggle is very real and seemingly grows worse every week. Over the past months, we have seen the value dip from $960 all the way down to $657. this is not a positive trend whatsoever, but there is no real relief in sight as of right now.
Even the past 24 hours have shown how brittle the Ethereum price is right now. While it is true all of the other major altcoins are on the decline as well, most people assume Ethereum could buck the Bitcoin correlation eventually. So far, that is not happening, as both currencies note very similar declines over the past month. Ethereum is also losing ground in the ETH/BTC department, which only compounds the problems even further.
With the Ethereum price now heading to below $650, it is evident things are not looking all that great. There is no reason to think that will be the new bottom either, as the bearish pressure across all cryptocurrency markets is only growing worse as we speak. With the total market cap on the verge of dropping below $350bn, it is possible this total will drop below $300bn rather quickly. If that were to happen, the Ethereum price will probably hit $550 or slightly less in the process.
Even though Ethereum still generates $1.462bn in trading volume over the past 24 hours, this is not sufficient to keep the Ethereum price afloat or even allow it to improve. With the bearish market to contend with right now, most altcoin trading volumes have more sellers than buyers. This is no different for Ethereum, as speculators seem content to keep the price down for an extended period of time.
As of right now, Bitfinex is the leading cryptocurrency exchange ranked by Ethereum trading volume. Their lead over OKEx’s BTC and USDT markets is not all that big, though, but it is evident the USD market is still bigger right now. Binance and HUobi complete the top five as of right now. Unfortunately, we only see one fiat currency pair in the entire top five right now, indicating the demand for Ethereum simply is not there.
How all of this will evolve, is a question no one can answer right now. The cryptocurrency industry is going through a major bearish period, just like it does every single year. While some analysts still expect the Bitcoin price to hit $25,000 this year, it seems highly unlikely that trend will materialize before Q3 or Q4 of 2018. For now, we will have to wait and see how things unfold for the Ethereum price, but this current downtrend is far from over.
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