A few days ago, the cryptocurrency market was going good and the values of the currencies are going upwards. Unfortunately, the upward movement of the currencies are no longer bullish, and the bearish pressure has again overcome the market. The value of Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Coin and Binance coin is going downwards.
Bitcoin has been suffering the loss of value by 0.81%, Ethereum by 6.02%, Ripple by 2.89%, Litecoin by 4.30% and Binance Coin by 1.83%. Ethereum is the biggest loser among the currencies and the market capitalization is also decreased from its level of previous epic value of 2017. At the time of Ethereum hype in the market, the investors said that it could pass the world’s biggest cryptocurrency and it would make “flippening” a reality, but now the token Ether is currently down by 8% is the whole virtual currency market.
Current Status of Ethereum (ETH): Currently, the value of the Ethereum is trading at $211.72 and its value is decreasing by 6.06%. The market capitalization of the currency is also at $22,706,342,259 and the 24-hour volume of the currency is at $7,232,966,271. The circulating supply of the currency is 107,248,448 ETH.
Today, the fall of Ethereum came to notice after the twitter user named “@StopAndDecrypt” and the user shared that the currency has lost around 7.86% and it is the biggest fall since March 2017.
StopAndDecrypt @StopAndDecrypt · 7 Aug 2019
Ethereum still has a looooooong ways to fall from here.
And it will.
StopAndDecrypt @StopAndDecrypt
Ethereum “dominance” at 7.86%: 14 20:21 – 7 Aug 2019
it has achieved the highest value this year in June and the value of Ethereum reached around the value of $349.47 at 05:30 UTC on June 26, 2019. The new Enterprise Ethereum Alliance has made some announcement previously and this made the illusion in the mind of investors that the Ethereum will also gain the bullish momentum just like the Bitcoin value has experienced. The companies or firms such as Toyota, Deloitte, and the Royal Bank of Canada registered the blockchain start-ups as the members.
At the same time, over the confusion over how to scale the network afflicted the Bitcoin users. This was likely to result as the rise of the Ethereum’s share in the cryptocurrency market due to the diversification of the Bitcoin’s shareholders towards the other assignments because they were scared of that the Bitcoin will lose its number one position due to new technology.
Unfortunately, the so-called “flippening” doesn’t take place. The money previous flowed from the Bitcoin comes back towards Bitcoin succeeding its celebrated hard fork and those who parted their ways before, started to work with Bitcoin Cash and then later with Bitcoin SV. The companies who joined EEA in previously took more interest in the private versions of the Ethereum. They were also unable to make the value go up in the market as many people hoped for.
Previously the shortcomings of the Ethereum were publicly demonstrated too. Only CryptoKitties is a very famous application that is ever be introduced on the blockchain has increased some value of the currency. But, still Ethereum is so far away from introducing an application which changes its situation and that can invite many investors to invest in the project.
Unfortunately, the Ethereum’s value dropped before the big announcement by Enterprise Ethereum Alliance. The blockchain start-ups of the currency and developers should have to work hard for making a situation changing applications that will lure investor into the project. The profit occurs to other altcoins with this value drop of Ethereum and to Bitcoin, which value is increased to its highest point of dominance in the market in two years.
With the growing bitcoin dominance in the cryptoverse, altcoins are facing the fate of Bitcoin’s price action. In the year 2019 value of Bitcoin is more than tripled amid the positive outlook and some mainstream adoption of Cryptocurrency. With the announcement of Facebook’s Libra the market started climbing. The Bitcoin price surge to $13,000 and other altcoin’s value also surged in double-digit, but Bitcoin couldn’t hold the resistance and starting falling breaking all the support levels.
Bitcoin’s freefall pushed the whole market down, the queen of Cryptoverse, Ethereum also lose more than 39% against Bitcoin. After breaking the support level of 0.025 BTC, ETH marked a new historical low of 0.020138 BTC on July 16. Ethereum is struggling to retain its position and dominance in crypto space but the efforts not really falling on the right place.
However, traders are having different opinions when it comes to ETH / BTC price action, some traders are claiming the Eth/Btc price to surge all-time high breaking all the previous records, while other traders believe that ETH/BTC’s outlook is way far from bleak.
According to the technical analysis of Ethereum, Eth has verifiably pursued a generally unsurprising direction against Bitcoin. That is as indicated by Panama B in his recent tweet. On July 25, the analyst exhibited how the ETH/BTC market pursued the very same example during its past two cycles.
Another Trader Pato likewise contends that fractals present a bullish standpoint for ethereum price. Nevertheless, as per their analysis, each cycle has only two perceptible stages: conveyance and markup.
Looking at the previous and current pattern of Eth/Btc, from July 17 to 25, ETH was exchanging inside a horizontal channel, with resistance at ₿0.0216. As indicated by our examination, it is probably going to diminish in the short term before continuing its upward momentum.
A glance at the RSI demonstrates that there has been an exceptionally huge bullish divergence developing. This difference causes us to accept that the ETH cost will start an upturn towards the opposition line. Accordingly, while we expect short term decrease, the price of Ethereum is ought to start a bull run in long term.
bitcointrendings 