The cryptocurrency market experienced a mild downturn on Saturday and saw over $4 billion wiped out from its total market cap in just a few hours. Ethereum [ETH] has fallen behind the $220 mark and is now currently valued at $216, even as all major coins were trading in the red. With memories still fresh from the mid-September slump which saw the coin plunging to $171, investors are cautiously hoping that ETH isn’t in for another bear storm.
The current price of the token has dropped from $220 to $216 in just a matter of hours. The key support level for the coin can be found at $210.54, while the digital asset is facing resistance at $228.95.
Ethereum is currently being oversold in the market as evidenced by the hourly RSI indicator, which stands at 27.09. Prices are looking to decline even further due to the overwhelming selling pressures weighing on the virtual currency. Moreover, the MACD line indicates that the crypto is experiencing bearish momentum.
The 100 EMA line shows that the altcoin is exhibiting a downtrend and will likely decline further in the trading session. The token is exhibiting a significant trading range of $212.39-$221.93. As of 0630 UTC, ETH slid 6.03 percent against the U.S. dollar and is now valued at $216.43.
The digital currency has fallen 2.84 percent against Bitcoin [BTC]. At the time of writing, one ETH was valued at around 0.03314 BTC.
The virtual asset is currently the most valuable altcoin in the market, accounting for 10.3 percent of the total cryptocurrency market value. The market cap of ETH stood at $22.13 billion at press time, experiencing a dip of 6.3 percent in less than 24 hours.
Ethereum Price Prediction 2018, 2020
• According to Longforecast, ETH is expected to reach as high as $724 by the year 2020. Experts believe the coin’s price could range within $474-$672 over the next few months.
• Coinkir has predicted that the crypto will begin 2020 at around $720 and continue rising, reaching as high as $1,488 by the end of the year.
• According to Tom Lee, head of research at Fundstrat Global Advisors, ETH will skyrocket by 729% to $1,900 by the end of the next calendar year.
Ethereum Latest Updates
• Vitalik Buterin, co-founder of Ethereum, recently spoke about what a merger between two cryptos would entail, explaining the same with the example of an Ethereum-Zcash merger.
• The Ethereum dApp 333ETH was delisted and labeled a scam by MetaMask, a crypto-wallet and an Ethereum decentralized app extension.
• The Austrian National Tourist Office (ANTO) recently launched a digital advertisement campaign powered by Adbank, the Ethereum-based ad platform.
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