Ethereum Price Momentum Signals Potential Drop to $98
Making sense of the overall cryptocurrency market is a futile effort more often than not. It seems these markets will rise and fall willy-nilly, rather than due to news, developments, or potential problems. For Ethereum price watchers, patience remains the critical word at this time. New minor losses are recorded, but there is no reason for despair as of yet.
No one will be surprised to learn Ethereum is not rising in value as of right now. In fact, it may not rise in value for quite some time, assuming this momentum remains in place. There has been a fair bit of pressure on this market for some time now, and it seems the trend will not improve. Unless Bitcoin were to note some massive gains out of the blue, all other markets will remain stuck in the dirt, or sideways trading momentum at best.
Over the past 24 hours, fresh losses have begun piling up for Ethereum. First of all, there was a 1.3% drop in USD value, bringing the price down to $117.36 again. There is also a 1% drop in the ETH/BTC ratio. Whereas one Ether was valued at 0.04 BTC not that long ago, it is now drifting toward the lower 0.03xx range again. Not the development speculators and investors want to see, but that is to be expected.
There are some interesting developments taking place behind the scenes which may have a positive impact on the future Ethereum value. There will be an Ethereum Foundation Meetup in Berlin today, which is expected to feature Quantstamp CTO Steven Stewart and others. A very positive development, although it will be interesting to see what comes of this meeting exactly.
Quantstamp CTO Steven Stewart will be speaking Thursday in Berlin at an Ethereum Foundation #meetup in Berlin! Drop by and learn the latest about #Ethereum Security, Privacy and #Shasper. https://t.co/ylaC97y50D @sorpass @ChainSafeth @ParityTech
— Quantstamp (@Quantstamp) January 23, 2019
Although the following news is not necessarily related to just Ethereum, it is still a pretty interesting turn of events regardless. More specifically, the Scatter Desktop wallet has received its Ukrainian translation. As this app supports Ethereum, it could allow the project to lead to further Ethereum adoption in that part of Europe. Small steps like these can, eventually, have pretty big consequences.
Thanks to the guys over at @atticlab_it Scatter Desktop is now available in Ukrainian and they have also improved the Russian translation!#EOS #ETH #TRX #Tron #Ethereum #EOSIO #blockchain #collab #wallet #global
— Scatter (@Get_Scatter) January 24, 2019
When looking at the current price charts, it is still pretty difficult to determine if it is worth pouring money into ETH right now. KKTHXBYE seems to expect a pretty big drop-off before the next leg up, with the value hitting as low as $98 in the coming days. At the same time, the next leg up could push the value to $144 shortly after. An interesting theory which may prove very difficult to make come true.
$ETH – Kinda bullish on HTF, but looking for this descending triangle to break down tho, 108 down to 98 seems very good spot for swing longs.
— KKTHXBYE ?? (@KKKTHXBYE) January 24, 2019
Depending on how the Bitcoin price evolves, it seems unlikely Ethereum will see any positive price changes, in the near future. After all, the current momentum doesn’t warrant any gains, but might signal further value declines in the near future. Keeping an eye on the $110 price level may prove to be a smart idea in the long run, as that may come into play a lot sooner than people expect.
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.