It has been a very rough day for all cryptocurrencies, which is only to be expected. Primarily Ethereum has been of interest to a lot of people, primarily because it is still somewhat of a silver standard among altcoins. Unfortunately, the $150 level did not hold up, although it would appear a slight market recovery is shaping up already.
Ethereum Price Isn’t Dead
Every single time the cryptocurrency markets go through a big correction, there are concerns over when the markets will bounce back. As is the case more often than not, that will heavily depend on what Bitcoin decides to do. As of right now, Bitcoin is stuck in the dirt and only getting pushed down deeper.
That usually doesn’t bode well for Ethereum or other cryptocurrencies. So far, no asset can escape this negative trend, and it seems rather unlikely anything will change as the day progresses. One silver lining is how the Ethereum price, while it seemed bound to hit $120 at one point, has bounced back to just over $135. That is somewhat positive, although there support is still shaky.
Some people are quite concerned over the future of Ethereum, especially in the price department. It has become more than apparent a lot of companies hosting an ICO have liquidated their ETH holdings quite some time ago. Even so, this bearish pressure is expected to remain in place, primarily because there are still new ICOs every single week. Rest assured there will be some more dumpage to come.
2/ The sum of ETH holdings of ICO treasuries is now a little over 3.57M ETH (3.5% of supply). In April, the treasuries held 4.65 million ETH (4.5% of supply) indicating that they likely liquidated (or moved) about 23% since then.
— Larry Cermak (@lawmaster) November 20, 2018
On the other side of the medallion, it is important to keep in mind which solutions and services are effectively compatible with Ethereum. Unlike what some people might expect, GoChain is fully compatible with this technology. It offers performance and transaction speed improvements, both of which are often hard to come by when looking at just Ethereum itself.
GoChain is 100% #ETH compatible! Lift and shift seamlessly for 100x in performance and transaction speeds. Have you tried out GoChain yet? 🚀😎 Join the conversation here 👉 https://t.co/olljGfBg0T #gochaingo pic.twitter.com/a4OGCXJQYO
— GoChain (@go_chain) November 20, 2018
For those who prefer technical analysis, it would appear Ethereum is subject to some nice Elliott Wave patterns right now. Unfortunately, it would appear the next leg is another drop, which could see the Ethereum price drop significantly once again. That is not something tog et excited about, although technical analysis is not always correct either.
— Rikila-Uranus (@RikilaC) November 20, 2018
Based on all of the circumstances, it seems safe to assume Ethereum will get a bounce at some point. The ETH/BTC value is not dropping by much, which further shows there is some resilience in that department. How that will pan out in the coming hours, is difficult to predict. It seems the total market cap is getting a healthy nudge again, but that may not necessarily reflect on Ethereum itself.
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.