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Ethereum (ETH) Shows Severe Selling Pressure Amid Bearish Sentiments

The cryptocurrency market is on a downward trend after Bitcoin failed to establish support at the $11,000 level, plunging instead to around 10% to the $10,000 region. Ethereum has equally felt the heat, plunging 32% in what was the largest percentage loss ever in a single day, and on Monday it was trading at $206.08.

Ethereum Plunges as a Result of Selling Pressure

As selling pressure continues to build, Ethereum continues to plunge, and it is expected to drop even lower in the near future. Ethereum has significantly dropped from its daily high of around $270, and the pressure that the coin is experiencing is an extension of the pressure that was experienced late last month when it surged to $350 before plummeting to $280 as a result of selling pressure.

The recent downward trend has taken ETH’s market capitalization to around $23.42 billion, which is a significant drop of around 8.5% of the total market cap of the crypto market. The highest market cap of Ethereum was around $135.58 billion. In the last 24 hours, Ethereum has, on average, traded between $206.08 and $226.66.

>> Bitcoin Tumbles Below $10K Mark as Crypto Market Turns Bearish

Cryptocurrency Market Dropping

Other cryptocurrencies are also on the downward trend on the Investing.com index. Bitcoin, for instance, has dropped 14.3% on the day to trade at $9,943.4 while XRP has lost 12.33% to drop to $0.29561. The recent selling pressure has been a result of the inability of Bitcoin to sustain a support level at $11,000 after it surged in recent weeks. However, Ethereum does not have a considerable support level until it goes below the $230 region.

Nevertheless, it is expected that the near-term price action of Ethereum will largely depend on how Bitcoin performs. As the day drags on, it is expected that Ethereum will continue to drop, which would ultimately lead to a significant drop in the short term.

Featured image: DepositPhotos © Primakov

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Ethereum futures

Ethereum Futures Already Gaining Significant Support in the Industry

Ethereum (ETH) is the second largest virtual currency in terms of market cap, and for quite some time investors have been expecting Ethereum futures that seem to, at last, be happening. However, these expectations have faced interest concerns and regulatory uncertainty regarding the crypto asset.
Ethereum Futures Realized

The expectations for Ethereum futures appear to have been realized with The Block reporting that one of the largest global exchanges, CME Group, was preparing to release a futures product for Ethereum. The Chicago-based CME Group was the institution that launched Bitcoin futures during the cryptocurrency boom in 2017.

What this means according to The Block is that CME is changing Ethereum’s reference rate and Index, which is an indication that Ethereum futures are imminent. According to an industry source, the alterations that are being made are for the “preparation of an Ether” vehicle. However, the source indicates that the cash-settled futures such as the CME’s crypto contracts can be altered and thus need a strong index to help in risk mitigation. The latest changes are seen as a way of boosting the confidence of regulators to accept Ethereum products.
Ethereum Futures Gaining Support

The development comes at a time when Ethereum futures are gaining support from a number of cryptocurrency users in the industry. For instance, Thomas Chippas, the CEO of ErisX, has emphasized the need of having an Ethereum vehicle since ETH has a very vibrant and real community, appropriate institutional involvement, and precise use cases, as well as other good tenets in the industry.

>> Stablecoin Market is Showing Signs of Solid Growth

Early in the year, a CFTC official claimed that government officials at the CFTC were friendly to Ethereum after they claimed that the body was content with the crypto asset. He added that when a derivative exchange wants to launch a derivative that meets the CFTC requirement, they will be certified.

The news of the Ethereum futures comes at a time when various crypto exchange startups have received licenses to begin listing physically-delivered Bitcoin vehicles.

What do you think of the news?

Featured image: DepositPhotos © Syda_Productions

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ethereum

Ethereum (ETH) Struggles to Hold $300 Mark

Ethereum (ETH) is the second biggest cryptocurrency in the world in terms of market cap, and during the course of the Bitcoin rally, it has had its ups and down as well. Bitcoin has seen wild price swings this year; its price has risen over 220% since January. Well, Ethereum has also witnessed crazy price movements.

Wild Moves

Ethereum has seen plenty of action in the past month, when it hit a monthly low of $226 and a high of $360. Right now, it is trading at $294.

Talking about resistance level, ETH is at $296.10. Some believe that we will see it rise to $300, which is the next resistance level.

ETH is currently holding support at $285.9. Once it is cleared, the sell-off may be extended to $278, which is the lowest level of July 2. The next barrier comes at $271.6, which is the lowest level of July 3.

Fundamental Change

There is some good news for Ethereum holders, which has to do with a fundamental change to the entire ecosystem. According to reports, the Ethereum network is apparently going to switch to a staking consensus system from the current proof of work one, and although it has had its share of brickbats from critics, this is going to be the start of the next generation of the cryptocurrency, as it were.

>> When will Chine Legalize Bitcoin Again? The Impacts on the Market

To reduce the whole thing to much simpler language, this is a natural progression of the Ethereum project and one that has been wanted by the developers for quite some time. It is believed that there had been some form of agreement among developers that Ethereum 2.0 was going to go live around this time, and it seems that it is going ahead on schedule.

The network switch will also help the blockchain in managing more transactions with far more ease, and in this regard, it is important to note that the transaction value managed to cross the one million thresholds back on June 28. This is a significant development, and it remains to be seen what effect it will have on Ethereum’s price.

Featured image: DepositPhotos © Violka08

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Ethereum

Ethereum (ETH) Soars 8%, Outperforms the Broader Cryptro Market

Ethereum (ETH) and the crypto market have today seen a sudden surge in buying pressure, allowing them to continue with the upward momentum that has been exhibited in the last few months.

Analysts believe that Ethereum will continue with the upward trend in the near term and could outperform Bitcoin in the long term because of the increasing adoption of Ethereum by companies such as Ubisoft.

Ethereum Up 8% in the Last 24 Hours

Currently, ETH is trading around 8% up its present price of $259.50, gaining significantly in the last 24-hours from lows of $240 set earlier in the day. The significant market surge has seen the coin jump to a new weekly high, bringing it closer to $285, which was its year-to-date high set late last month when the whole cryptocurrency market saw a brief surge before experiencing significant selling pressure that sent the market reeling lower.

Ethereum is currently among the top performing altcoins in the market, just behind Litecoin that has led the market surge in the last couple days by jumping close to 31% in the past week. According to popular cryptocurrency analyst The Cryptomist, Ethereum will continue surging in the near term, and she believes that it could easily get to $300 by July.

>> Legal & General Partners with Amazon to Develop Blockchain System

ETH Could Outperform Bitcoin

Even though it is not practical to conclude that the coin is expected to continue surging higher going forward, one analyst is optimistic that in the next 24 months, ETH will outperform Bitcoin. In a tweet, another popular crypto trader, Bitcoin Jack, indicated that he thinks the long consolidation period of Ethereum against Bitcoin will potentially allow it to grow significantly higher in the next few years.

The performance of Ethereum will continue to be bolstered by its growing adoption. Recently, gaming giant Ubisoft announced that it was considering using the Ethereum blockchain for games as well as in-game functions.

Although it is not easy to say where the crypto market is headed in the long term, for now, there is a strong upward momentum that will most likely persist for some time, allowing Ethereum to gain significantly.

Featured image: DepositPhotos © yuliang11

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