Ethereum is currently trading around $ 603. Most of the cryptocurrencies are down in the last 48 hours over the news that Google will be banning cryptocurrency advertisements. Google also stated that it will be banning ICO -related advertisements as well. This has triggered a correction in most of the cryptocurrencies.
Market cap plunges by $130 billion:
If you compare the current market cap of cryptocurrencies with that at the start of March, it has gone down by $ 130 billion. Many analysts are of the opinion that this was bound to happen as the cryptocurrency market has been unstable from mid-of December. However, Ethereum was somewhat resistant to the crashes earlier. It had even risen to levels of around $ 950 just a month back. However, in the current fall, it has fallen drastically as well. Many of the investors are trying to figure out whether it will rise again or not. According to some of the analysts, the next support level is around $ 500. This is the reason why many investors are worried that it might fall even more.
According to Ramesh Upadhyay, a well-known cryptocurrency analyst, it has broken down a range recently. It can head to as low as $ 500 if it breaks $ 565. Currently, 565 is being held by the cryptocurrency. This is the reason why investors will 1st monitor this level. Only once this level is broken, investors will worry about the cryptocurrency heading lower This is the reason why it is time to observe the charts pretty carefully.
Recovery waiting to happen:
Once the tide turns, most of the cryptocurrencies will rise. This will lead to a rise in Ethereum as well. However, for the time being, it seems like it is falling consistently. Many of the investors who have invested at the higher levels are actually worried about Ethereum. This is one of the main reasons why they are always wanting to know the levels which should be taken into account. Once these levels are taken into account, it will become easier for the investors to chart their investment strategy accurately.
If you’re an investor in Ethereum, it is time to look at the charts pretty closely. The charts can help you understand how much time it will take for Ethereum to recover or whether you should just exit all your holdi
ETH/USD
In the past four days, Ethereum failed to break out of the tight range of $745 to $654. Today, March 14, the bears are attempting to break down of the range.
ngs because of the upcoming fall.
If successful, the ETH/USD pair can decline to the next support level of $565.54. Below this, the next support lies at $500. The downtrend is intact as the price continues to trade below both moving averages and inside the descending channel.
Unless the bulls engineer a quick turnaround, the cryptocurrency will continue plunging.
Ethereum Price Forecast: Ether Trend Negative
Ether struggling against the US dollar. ETH/USD is currently forming a decent support but it is facing many challenges and hurdles on the upside.
Key Highlights
Technically, the 6-hour chart indicators have reached extremely oversold levels.
Can ETH/USD Move Past $650?
Yesterday, we saw an increase in bearish pressure on ETH/USD. The pair failed to hold a key support at $640.00 and even declined below the $600.00 handle before finding bids near $575.00.
ETH/BTC seems to be under a minor selling pressure below 0.0750BTC. It may move down toward the 0.0720BTC level, which is an important support.
Ethereum: Will it Really Outshine All in 2018?
Besides the relative stability and success of Ethereum Classic, the few forks remain relatively obscure.
This year was supposed to belong to Ethereum. But with Q1 already coming to a close with a deep market slump, the digital asset seems to be fighting an uphill battle, commanding only about half of the price since the recent peak. Bullish predictions for a price of $5,000 are, for now, not mentioned often.
In addition, the inflow of Tethers based on Ethereum and the Ethfinex exchange are still not as influential as in the cases when the Bitcoin price was lifted after each printing of Tethers.
Etherereum traded around $619.83, growing in the last hours after the sell-off. The latest price spike saw ETH climb to a height of 0.10 BTC, still far from the 0.14 BTC absolute record. Right now, ETH is around 0.07 BTC, and its dominance over the market has been lowered to around 18% of total market capitalization. The weight of Ethereum now competes with the weight of altcoins.
Here are five factors that may affect the value of Ethereum in the coming months, but this time, none of the factors are promising outright growth. In fact, all factors may work both ways on the market price:
The End of Mining: Right now, the Casper update is at the testnet stage. It is unknown when the next big change in Ethereum will come exactly, but the plan is to unroll it until the end of the year. So far, this has not led to inordinate interest in buying Ethereum for staking, but there may be a run-up in case of a set date. The lockup of coins may also help to boost the market price.
The Effect of Ethfinex: Ethereum and its tokens may see more active trading in 2018. This may bring liquidity, but also unregulated attempts to manipulate the price, increasing volatility. Ethfinex also expects to have liquidity injected through USDT and EURT tokens, which for now only have a small supply, but may grow in the coming months.
The Fate of ICOs: ICO projects are seeing troubles ahead. Beyond the scrutiny of the US Securities and Exchange Commission, buyers are becoming more skeptical. Some highly touted ICOs have underperformed both in market price and in being slow to release a product. Buyers are becoming more skeptical, and exchanges do not rush to list the endless new tokens. Buying up Ethereum just to participate in an ICO is quickly fading – especially given that Ethereum also has its own potential to grow in price. So demand for Ethereum may sink, especially in relation to token sales.
Competing Platforms: As other platforms stabilize, there are other offers for running smart contracts, ICOs, and other operations. NEO, QTUM, Stellar, NEM, among others, are already drawing in projects. They are not as numerous as those of Ethereum, but the next year may see the trend for other networks to gain prominence.
Network Congestion: The state of the Ethereum network will also matter. At the moment, usage has fallen, but the effect of CryptoKitties has shown that the network cannot handle even a basic game. So far, few smart contracts go overboard with their gas usage, but that may change in the future. The implementation of sharding may lift the weight of using the main blockchain, but at the moment, this solution to create in effect sidechains for some uses and applications is still theoretical.
David is passionate about learning cryptography, tech and the Internet. He has years of experience working at international investment projects. Growing interested in Blockchain and cryptocurrencies in late 2015, he joined Smartereum as an editor.
