Ethereum is one of the biggest names when it comes to the cryptocurrency markets. ETH stands second to Bitcoins and comes with the second largest market cap. Many investors and traders even believe that some day, Ethereum may replace Bitcoin as the numero-uno cryptocurrency. However, for now that doesn’t seem likely as Ethereum is caught in a bearish growth.
Ethereum, which is currently priced in at $918 – is expected to continue on a downward momentum for the next couple of weeks. The currency has been giving mixed reactions over the past few weeks. It was just $100 shy of an all-time high before price began to drop again. Over the past 24 hours, ETH has fallen by about 3% – from $950 to $918.
Over the past week, the Ethereum price has been on a slow decline. Ethereum fell from a price of $1235 to a low of $779. This has since been on a slow recovery but another strong line resistance stalls Ethereum’s efforts to growth. Some market analysts have been very skeptical about the growth of Ethereum and claim that the currency may even fall to a low of $500 in the near future. The graph below explains how this $500 figure came to be.
Ethereum faces a very strong line of resistance at the $1050 level. If that resistance is crossed, that would give bulls the control of the market. However, that seems to be an unlikely scenario as of now. The currency is trapped in a bear flag and is likely to continue falling. The target for the bearish triangle which has limited the growth is the $500 mark.
This would give a major setback to the growth of Ethereum. Moreover, considering how close Ethereum and Bitcoin’s movements are – it is likely that Bitcoin too, might crash significantly. Ethereum investors are advised to trade with caution and set appropriate stop-losses.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.