Ethereum price continues to plummet owing to a number of reasons – most of the them regulatory pressure – with reports coming in from China and South Korea about lifting of incentives or even bans on cryptocurrency trading and mining.
Ethereum price is down substantially and it is currently testing the $1000 level which is offering a lot of support. If things continue to worsen, we will see new round of selling and the price could easily the $850 level. With no positive coverage for cryptocurrencies coming up from any quarter, we anticipate that ETH will continue to decline and hit $850 levels in next couple of days.
Ethereum has drifted sideways against Bitcoin, but quite frankly with both currencies looking very susceptible to selling, it makes sense that we won’t see much action in this market. I believe that the 0.10 level above needs to be broken for the buyers to reenter, otherwise we are going back to the 0.08 level.