Ethereum Price Analysis: ETH/USD Could Snap Back to $170

Alicia Cross
November 21, 2018

Put in perspective, bitcoin price by this time a year ago, closed at just over $8,000 with a market cap of more than $134 billion. It seems the trend turned bearish for almost every cryptocurrency, except for USD Coin, QASH and Dai showing minor increase.

A big part of the bullishness around XRP has been the fact that XRP's market capitalization surpassed that of Ethereum (ETH) last week.

Bitcoin prices once again plunged to fresh 2018 low during late European session Tuesday, as the crypto bloodshed continues amid a panic sell-off among investors.

"From our perspective, talking to our institutional customers, there are a lot of vintage 2017 Bitcoin funds that are clearly underwater for the year", wrote Paul Chou, the CEO of trading platform LedgerX, which offered the first bitcoin options and swaps last year. This version was incompatible with the mainstream version, creating two separate versions of the bitcoin blockchain with a shared transaction history-a situation known as a hard fork.

"Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector". But the recent fall will be grist to the mill for those who think that bitcoin and other cryptocurrencies can't be classed as credible investments.

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The leading cryptocurrency by market capitalization fell to $4,200 soon before press time - a price low not seen since October 5, 2017 - and was last seen trading at $4,484, according to CoinDesk's Bitcoin Price Index (BPI).

On Monday, November 19, bitcoin dropped to $5,165 as it reels from the huge slump last week.

The bear has not been kind to the cryptocurrency market with nearly all the coins bleeding red. When one cryptocurrency falls, others tend to fall as well. XRP, the token associated with Ripple, was the lone gainer among major digital currencies. Bitcoin, which began the year above US$14,000, broke through its floor of around US$6,000 last week. Airfox and Paragon Coin Inc will each have to pay US$250,000 in penalties to compensate investors, and will also have to register their digital tokens as securities, the agency said in a news release on Friday. The price of Bitcoin has taken a severe beating, as it is now trading at $4,594. At the time of writing, BTC/USD plunged 7.50 percent to 4,551.18. If you are going to ask eToro Analyst Mati Greenspan, he believes that the "next logical level of support is at $5,000 but if that doesn't hold, the next logical support level isn't until $3,500".

"While most are blaming the Bitcoin cash "hard fork" as a key player behind Bitcoin's weakness, technicals could have played a role".

Other reports by Free-Prsite

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