The Ethereum price has been undergoing a colossal depreciation in value in 2018. 2017 was a year which seen Ethereum gain almost 9000%, starting the year at $8. In January, price briefly traded above $1400 but has been on a downward spiral since then, along with the rest of the crypto market. The last few weeks have been particularly bad for the smart contract platform as it has been hugely underperforming the market, forming consecutive yearly lows.
It broke its all-time low of 2018 just a few days ago and has had sharp declines since then. With intermittent recoveries in Bitcoin having no effect on Ethereum, it is difficult to say when this sell-off is going to come to a halt. The drops have been on significant volume showing strong momentum to the downside.
Over the last few hours, price has been trading in a range, but even with a significant bounce in Bitcoin, the price of Ethereum is struggling to make any upside movement. As it stands, the outlook for Ethereum is strongly bearish. Ethereum has one of the strongest and most committed developer communities that are working hard on technological solutions to help the blockchain scale. Some which are operating and in development include the Casper protocol, Plasma, and sharding. If one of these developments suddenly becomes a massive success, it should be enough for an enormous turnaround in price. But right now, it looks like the further downward movement is in store for the foreseeable future.
- Hard sell-off occurring on huge volume
- Very bearish outlook with a lot of momentum behind the move
- Could take the release of a huge technological innovation for the price to experience a turnaround
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Ethereum [ETH] Price Falls Off Cliff – Should You Sell Your Holdings or Is There Hope? was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.