Cryptocurrencies are no longer a new thing in the tech world. Bitcoin (BTC) – which is the first digital currency to emerge in the crypto space – is over ten years old now. Since the emergence of the crypto, the crypto industry has been growing continually. The underlying technology of most cryptos – blockchain technology – has also been very useful. While most of the potentials of the technology are yet to be discovered, it has been very helpful in many industries, especially the banking and finance sector. There are lots of digital currencies in the crypto market. Many have proven to be more useful and productive than others. One digital currency that has really proven to be very useful is Ethereum, many even consider it as one of the best cryptocurrency to invest in 2019.
Ethereum is the second largest digital currency by market cap according to CoinMarketCap, and it has also been in the crypto space for quite some time. Digital currencies are highly volatile. Over the past years, the price of cryptos has been on a roller coaster ride. The crypto market started this year on a very low note. However, recently, the crypto bulls returned and almost all coins in the market surged significantly. The price of Ethereum also amassed more gains and broke over the short-term Ethereum price prediction.
Ethereum Looks Set to Plunge Lower in the Next Two Weeks – Ethereum Price Prediction 2019 – ETH Price Forecast 2019
According to an astute observer – Rptr45 – the digital currency market may consolidate soon. The statistician made this suggestion based on the daily fund rate on BitMEX – this is percentage digital asset investors pay on certain trades. The daily funding rate for Ethereum (ETH) has reached 0.34 percent. According to reports, this rate is in the 93rd percentile of all the funding rates of Ethereum ever.
The statistician said that such high funding rates have resulted in periods where the price of Ethereum plunged deeply. According to the data he put together, the price of Ethreum plunged by about 8 percent on average in the twenty days that followed a BitMEX funding rate. If history repeats itself, the ETH USD price could plunge by 10 percent or even more. This might put an end to the mouthwatering crypto price rally that cryptocurrencies have been enjoying over the past week. He also added that leverage has reached the stage where it looks like the digital currency market needs to consolidate.
There Will Be Light at the End of the Tunnel – Ethereum Price Will Recover After the Consolidation
What’s next after the consolidation? The price of Ethereum and other cryptos is expected to increase and test new highs after the consolidation. If Ethereum is lucky enough, there might be some bullish Ethereum news and Ethereum price prediction that might act as catalysts and cause a significant spike in the price of the coin. The market has always followed a pattern. After such a consolidation, the bulls are expected to take over the market and push the prices of cryptos significantly higher.
Ethereum (ETH) Price Today – ETH / USD
At the press time, the ETH USD live price is $251 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $26.70 billion. The trading volume of the digital currency over the past twenty-four hours is $11.05 billion.