Ethereum (ETH) News – Is Ethereum (ETH) headed for double digits?

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Ethereum (ETH) seems to continue its fall. The ferocity of its fall is also higher as compared to the other cryptocurrencies. That is why; it has surprised investors on the negative side. It seems like no bottom is enough for Ethereum (ETH). Currently, it is trading around $ 103. It is fallen from approximately $ 1200. Thus, it is lost more than 90% of its value. It is at risk of going into the double digits.

Is Ethereum (ETH) headed for double digits?

When you look at the next support for Ethereum (ETH), it is around the $ 100 mark. It has a psychological support as well as technical support. That is why, the support level is actually pretty important. The last time it had seen these levels was in May 2017. At that point in time, it had created a support of around $ 91. This clearly indicates that if it breaks the psychological and technical support of $ 100, it can head all the way to $ 91. This is the reason why it is really crucial for it to retain the support of $ 100.

The problem is that the momentum on the downside is so ferocious that it might end up breaking $ 100 as well. Double digits for Ethereum (ETH) is actually a reality rather than an imagination. This is the reason why investors are still sceptical about Ethereum (ETH) after losing such a significant amount of value.

Among the top 3 cryptocurrencies, none of them have lost such a significant amount of value. The value erosion is simply enormous. Moreover, with the ICO market in trouble, it seems like the problems which Ethereum (ETH) is facing are not about to get over anytime soon. The authorities all over the world are tightening the leash on ICOs. That is why, the fundamentals are actually not that positive.

With the fall below $ 100 eminent, it is actually not looking good for Ethereum (ETH). Also, with the blockchain competition increasing from the other cryptocurrencies, the usage of the Ethereum (ETH) blockchain is not increasing at a faster pace as compared to earlier. It remains to be seen from where, it finally turns around. For now however, it seems like there is no bottom which is deep enough for Ethereum (ETH).

About Riddhi 224 Articles
I am an electronics engineer and follow the crypto space closely.

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