As the whole cryptocurrency market is bearish, Ethereum which is the 3rd largest cryptocurrency by market capitalization being overtaken by XRP a few months back is experiencing the same bear attack with the price just a few points above $100 support.
Ethereum follows Bitcoin
It is seen that the price of Ethereum follows bitcoin and as the price of bitcoin is on a downfall, Ethereum is also on a downfall. Analysts are predicting Ethereum price to fall below $100 range in a day or two breaking the $100 support which is the only hope left for ETH. If the $100 support is broken, Ethereum price is likely to fall up to $50 or even below this year.
Ethereum is currently trading around $106 with approximately 7% loss over the last 24 hours. The major support lies at $100 and the resistance at $110. If the price slides down the support range, there is not much hope left for ETH to rise again above $100 and may stay in double digits at least for the upcoming bearish months. A major panic selling is also predicted once the major support is broken which may drive the price down to $50 or $60.
Unlike 2017, 2018 is not a great year for cryptocurrency enthusiasts as the market is surrounded with bears all around. Analysts predict that 2019 will also be a bear market for most cryptocurrencies. However, analysts predict that 2020 and 2021 will be the years for the massive growth of cryptocurrencies.
The panic selling does not seem to end despite the price falling from $200 to $100 in just a few days. The major selling is predicted to be from Initial Coin Offerings that still hold a massive amount of ETH. The price prediction for ETH is around $60 to $70 for the 2018 year end
A major panic selling is predicted when the major support at $100 will be broken bringing it to double digits.
This article is only the viewpoints of the author and the author is not a financial advisor. You should do your own due diligence before taking any position in Bitcoin or any Cryptocurrency market.