Institutions Taking Money out of the Crypto Table – ETH trading higher at 1.4%November 16, 2018
Though the bears did attack the ETH, the reversal might not hold for long. Ethereum has been trading higher by 1.4% versus the USD in the past 24-hour period until the zeroth hour of November 15, 2018. It is true that the bear pressure is not yet over. The struggle is continuing.
To realize growth ETH should exhibit resilience to achieve a growth of about $200 in the long term.
The price was at the 168$ level yesterday, and today a $179.74 up or down a little can buy you one Ethereum Coin on the cryptocurrency exchanges selling ETH. If not for USD you can buy it using 0.03201746 BTC on the cryptocurrency exchanges.
The support level is not set at $126 to $130 price level, or if the situation trends worse with market manipulation, a support level is expected at $80. Investors might have to continue watching the 12-hour RSI indicator. The immediate sentiment of the market can be studied from the RSI indicator.
In the past seven days, Ethereum has been trading nearly 15.3% lower versus the USD. The total market cap of Ethereum is set at $18.55 billion. Over the past 24 hours, about $2.51 billion worth Ethereum has traded on exchanges.
Here is a comparison of how the rest of the cryptocurrencies performed in the past 24 hours versus the dollar with Ethereum Classic (ETC) at up at 1%, Callisto Network (CLO) at 7.5% higher, Musicoin (MUSIC) at 6%, Akroma (AKA) at 5.5% higher, Ellaism (ELLA) at 3% lower, Elementrem (ELE) at 7.7% higher, Bowhead (AHT) flat versus dollar, WhaleCoin (WHL) at 0.3% higher, DaxxCoin (DAXX) traded 33.3%, and Ether Zero (ETZ) bought 4.7%.
Being a proof of work (PoW) coin, ETH has been around since July 30, 2015, uses Ethash hashing algorithm. About 103,229,270 coins are the total supply for this crypto.
It was a bloodbath for cryptocurrencies as reported by coin telegraph yesterday. As opposed to Bitcoin, XRP (Ripple) continued with stable support.
When the reasons for the bloodbath in the industry are taken into consideration, it was seen that several institutions are taking their money out of the crypto-table. The backing off of the institutions is related to the hard fork of Bitcoin that was scheduled for November 15, 2018.
In an attempt to prevent market manipulation, the BCH futures contracts were scheduled for early delivery.
It is expected that the mechanical damage caused by the collapse of Bitcoin would take weeks or months to resume to normal.
There was a lot of sideways consolidation for ETH in the past months. However, the chart broke out yesterday, and the bears have stolen the show.