Analytics / Forex and Crypto News
Today, the price of Ethereum descended to $125 on Bitfinex, and it’s likely the drop will continue. The 4-hour chart shows that Ethereum could reach a maximum of $135 on Monday but then Ethereum resumed the decline. The level of $122.5 gives strong support however it can be broken down.
And this can be confirmed by the fact that recently, Ethereum holders sent large volumes of coins to exchanges. This signals that another wave of ETH sales is waiting for us soon, which will inevitably lead to a new drop in the value of the asset.
Cryptocurrency exchanges such as Kraken, Binance and Huobi received large volumes of Ethereum. There have even been rumors that Vitalik Buterin decided to sell his Ethereum through these exchanges.
It is too early to talk about reaching the so-called bottom of the Ethereum. However, many observers are already confident that a fall below $100 is unlikely, and this level is likely to become an updated fundamental value for the altcoin.
Ethereum reached its lowest level on December 16 of last year, when it sank to around $85. Then Joseph Lubin said that for the creators of Ethereum, the price of an asset is not the main indicator since the main value of Ethereum is technology.
During November, ICO-projects sold 416K ETH. This is the largest figure since the summer, reports Trustnodes.
According to Santiment, in August, ICO startups sold only 100,000 ETH. In September, sales of digital currency increased significantly, reaching 300 thousand ETH. In Nov