09 Dec 2019 #Ethereum
Ethereum (ETH) sits as the second-largest cryptocurrency in the world, with a market cap of $16.1 billion and a current price of $148.65. The coin has a daily trading volume of over $6 billion, indicating that it is also among the most traded coins in the world.
However, anyone who knows Ethereum even a little bit knows that its current price is pretty low, even by 2019 standards. After spending most of the year above the $160 mark, ETH dropped below this level once more about two weeks ago and was unable to climb back up since then. Meanwhile, many are wondering what to expect from the second largest crypto? Will it remain where it is, move up, or drop further down in days to come? That is what we wanted to find out, but to do so, we first had to take a look back and see its past performance.
Ethereum started the year in bad shape, taking a nosedive from $160 to $105, which was its lowest point this year. It dropped to this price in the final days of January, and as the year progressed, so did the coin's price.
By February 24th, ETH was once again trying to breach the resistance at $160, and while it failed and its price was rejected, it came back once more in early April. This time, It managed to breach the barrier, although many believe that it did so due to a Bitcoin-led bull run.
In any event, Ethereum spent a few weeks just above this level before participating in a massive surge that took it all the way up to $350 over the course of the next month and a half.
Just as it peaked at $350, however, the bull run ended, and the price correction took place, crashing Ethereum down below $240. After several ups and downs between $240 and $160, the coin mostly stabilized at around $180, which was its largest support level over the summer. ETH sank below this level once or twice during late summer, but it mostly remained slightly above it.
As mentioned earlier, Ethereum's current price is at around $148, which is a consequence of a price drop that started on November 18th. The price drop did not only bring ETH down to $160 once again, but it also forced it to break this support level and sink beneath it. Fortunately, ETH did not go very far down, and the lowest it has been was $140. However, this is still the first time that the coin found itself below $160 since April of this year.
Since the support was broken, it turned into a resistance that ETH attempted to breach in the final days of November. Unfortunately, the price got rejected, just like it did back in February. Even so, the price did not drop as low as it could have, indicating that ETH is still below the level it is satisfied with.
So, what can we expect from ETH in the future? The end of the year is approaching, and the crypto bull run that everyone was expecting in the past 12 months does not appear to be arriving. Optimists still believe that something might happen as the New Year approaches, although the current price growth in the crypto market seems far from a bull run, and can be described as a mild recovery, at best.
Still, if the arrival of 2020 doesn't bring some interesting development, it is possible that the early days of the year might. Especially if Bitcoin price starts surging due to the pending halving, scheduled for April/May 2020.
If BTC makes a move, Ethereum will likely follow, as always. Otherwise, on its own, the coin might see some mild growth, perhaps until it reaches $160 once again. However, breaching this level might not happen without a small push, which doesn't seem to be arriving, at least for now.
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