2018-9-5 14:37 |
The bearish pressure among all cryptocurrency markets is intensifying at an accelerated pace. This trend is not entirely surprising, as various market indicators have highlighted a correction was coming. For the Ethereum price, the recent mainstream media coverage isn’t helping matters all that much either.
Ethereum Price Heads to $250After a few days of positive market momentum, things are returning to how they were during most of 2018. All cryptocurrencies suffer from increasing market pressure, and any sort of momentum established earlier is being wiped out very quickly. The Ethereum price is a good example in this regard, as it has already lost 10% of its value in just a few hours today.
Several key factors are contributing to this worrisome trend which affects the Ethereum price as of right now. First of all, the market speculators are in favor of opening short positions against Ethereum, almost as if they are aware of some major development before it even happens. The Ethereum price shorts have increased spectacularly since a few hours, as around 30% more short positions have been opened so far.
This particular trend is very different from the past few days, though. There was no notable increase in Ethereum short positions over the past week, yet something is very different today. While some traders are still opening long positions because of the dip, it seems the overall trend clearly favors bears over the bulls. The market data provided by Datamish is well worth keeping an eye on in this regard.
Crypto markets are not pretty right now. This is the price of Eth against the dollar. Going to be some very interesting months ahead for those in blockchain. #blockchain #crypto #ethereum pic.twitter.com/8EhYcqj6Q6
— Toby Lewis (@tobynovum) September 5, 2018
Secondly, the negative momentum is not unique to the Ethereum price. While it is true this popular altcoin is losing a lot more value compared to most other cryptocurrencies, the ongoing Bitcoin price decline will cause all other markets to crumble accordingly. The tweet above by Tobi Lewis shows the markets, in general, are not looking pretty, and Ethereum is an example of how quickly things can turn around in this industry. Another valuable life lesson for newcomers and impatient traders.
Last but not least, there is the recent Ethereum coverage by TechCrunch. While not necessarily biased by any means, it is evident the potential negative side to Ethereum in its current state is being highlighted. The same issue has affected Bitcoin for numerous years, this it is not exactly a new trend either. Unfortunately, the coverage seems to coincide with an expected Bitcoin drop and the major increase in Ethereum short positions.
What the future holds for the Ethereum price, remains to be seen. A drop on this scale is not uncommon, as there has been a bullish trend for nearly a full week now. That is bound to lead to some correction down the line, and it may last for a few days. For Ethereum price watchers, things are not looking pleasant, but there will be sunshine after the rain, as usual.
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