Two days ago, the entire crypto market experienced a massive sell-off which is why in the most recent Ethereum news; we see that exactly Etherum was hit the worst.
The massive sell-off affected most of the cryptocurrencies and brought down the entire market capitalization to $200 billion which is down by $25 billion in just a few hours. This represents a bearish week for ethereum but also for other cryptocurrencies as well.
Based on the investors’ behavior, it is quite likely that ethereum is expected to fall even further.
It seems that ethereum is hit the worst due to the long months of slow and weak performance. More than 300,000 short positions are now opened for ethereum and investors bet that the price will fall even lower.
One of the reasons for this could be the massive ICO selloffs. Many ICOs have already sold their ETH positions in order to improve and make up for the potential losses that can possibly occur in the near future so they could fund their projects and operations.
The analyst at Element Digital Asset Management stated:
“There’s a narrative that the crypto market was simply falling in lockstep with the equity markets, which are slowly entering into correction zones. We believe this move in cryptocurrencies had nothing to do with the stock market.”
At the peak of the crypto bull run, ETH was trading at about $1,500 but since then has fallen by more than 90%.
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“Coinbase Custody is exploring the addition of many existing and forthcoming crypto assets for storage only and will be working to add them as quickly and safely as possible. At this time, we have not yet considered these assets for trading. We are making this announcement internally at Coinbase and to the public at the same time to remain transparent with our customers about support for future assets.’’Coinbase Custody integrated XRP on their platform and institutions can now purchase and hold it with Coinbase. This is a path for a positive development of XRP but the selling pressure on ETH continued to grow since a huge deal of their holdings was held by ICOs. ICO projects sold Ethereum constantly in order to fund operations on the public exchange market and managed to accumulate millions of dollars while increasing and intensifying the selling pressure on ETH.
Analyst Believes That Bitcoin Is Expected To Bottom Out In Q2 Of 2019
“This last reading of our blockchain and macro market indicators is still in play. What has changed is that NVTS has now broken its support, typically a sell signal. All our blockchain indicators remain bearish. NVT, NVTS, MVRV, BNM, NVM. They are experimental but have served to make very correct calls to date, even when traditional on-exchange indicators were reading to the contrary.”According to Woo, Bitcoin may enter an accumulation phase which is what could give it a push for a new upward trend.
“Putting together the blockchain view, I suspect the timing for a bottom may be around Q2 2019. After that we start the true accumulation band, only after that, do we start a long grind upwards,” Woo was confident.He also explained that if Bitcoin bounces in the short-term (which is a possibility) and surpasses the $7,000 mark, a bull run before the Q2 of 2019 can happen.
“If price (in the short term) bounces upwards here, which is certainly possible, I think the 200 day moving average is the upper band of the move. This is around $7,000 right now. Remember if price goes above the 200 DMA, in the history of BTCUSD’s 8 year trade history, it’s been a reliable indicator of bear to bull transitions. It’s too early to transition out of the bear,” he concluded.Still, Bitcoin (BTC) is struggling to break out of the $6,800 resistance level and is keeping at the same situation for the past three months. A breakout above $7,000 is even more difficult with the current market conditions.
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