Back in Red: Ethereum Price Below USD 180 and Continues to Drop
After failing to stay at USD 190 level last week, the price of ethereum (ETH) continued to drop and is now below USD 180.
The price at the time of writing (at UTC 13:20) of the second coin by market capitalization is USD 175, which is far from its 30-day low of USD 156, but quite close to its 7-day lowest point of USD 174 to which it had dropped earlier today. The drop of 4.71% in the past 24 hours overtook that of 4.47% in the past week.
However, the top 10 coins list in general doesn’t look good today, while bitcoin dropped to almost USD 8,000. After the green we’ve seen last week, the middle of this one is very much red. Only three coins have appreciated since last Wednesday, these being Ripple (XRP), Binance Coin (BNB), and Bitcoin SV (BSV), though their percentages are quite low too.
To shortly recap the recent developments in the Ethereum world: the annual Devcon conference organized by the Ethereum Foundation was held last week, producing a number of discussions on the transition to Ethereum 2.0, as well as a mission for ETH developers, and the price climbed from USD 171 on October 6th to above the USD 190 a few days later, probably making a lot of people happy. The rise was likely also fuelled by the opinion of the new Chairman of the U.S. Commodity Futures Trading Commission, Heath Tarbert, that ETH is a commodity.
This growth can be seen on the 7-day chart, reaching its highest price for that period of time on October 11th with USD 195. This price was last seen on September 24 during the drop from the 30-day high of USD 222.98. An interesting development shown by charts is the gradual drop from USD 187 yesterday, followed by a sudden and steep drop in just the last few hours from USD 180 to its current level, though it’s still unclear why.
ETH price chart:
On the other hand, Ethereum’s Sentscore, a market sentiment measure, has gone up 11.4% in a week, and it was one of the coins with the highest overall scores. As a matter of fact, the score rose by another 0.8% since yesterday, going from 5/10 to 5.2.
Meanwhile, with these latest developments, crypto trader and analyst Nick Cote tweeted how there are no signals for the bull market to be seen at the moment.
Death crosses everywhere.
Price below the breakdown level.
Literally 0 signals for a bull market.
Just gambling on an unconfirmed bottom.
The best case is that we haven't seen new lows in a week. What a sad signal! https://t.co/2PoWzDqp4i
— Nick Cote (@mBTCPizpie) October 16, 2019