Overall Technical Situation in the Cryptocurrency Market Has Not Changed

Maheen Hernandez By Maheen Hernandez June 10, 2019 Off
Cryptocurrency Market

Ethereum is likely to visit $200 as the selling pressure builds up.  Over the past several days, the price of Ethereum has gone down.  This has been in part due to the fact that Bitcoin was not able to advance beyond the $8,000 region.  This has led to a dominant sell-off, and it had a significant impact on other Altcoins as well.

The losses of Ethereum can extend to as low as $200, and the selling pressure is expected to increase.  ETH has been grinding in the lower zone since the past week. 

Mohit Sorout, analyst, stated, “$ETH is going to $200, and only a miracle can save it.”  It is expected that there is further room for ETH to fall.  A new trading week has begun, and analysts are of the opinion that the aggregated markets will continue and the price will plummet before it can find support.

A couple of Ethereum startups are teaming up to bring in a bank account like protection to the users of ETH.

Itamar Lesuisse, Argent co-founder, stated, “We are thinking about not just crypto users but also new users – and so the end goal is to repeat what they get from their bank.”

Nexus and Argent are creating a fund which would provide insurance to its investors against losses.  The users should invest in NXM tokens to participate.  And they will receive rewards.

Hugh Karp, the Nexus founder, stated: “In general, what we are trying to do is provide cover to the crypto community when it can’t access it via the normal means.”

When the product went live in the past week, it was stated, “We want to show people that’s how confident we are; we are staking ourselves.”

The overall technical situation in the cryptocurrency market has not changed.  Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and Ripple are the commonly most watched tokens, and each of them provided their users with 0.3%.  The best performer was Ethereum, and it went up by 2.51%.  The worse performing cryptocurrency yesterday was XRP, and it was seen at 4.1%.  This is indeed a mixed signal for the overall cryptocurrency market.

None of the coins made a technically significant move.  The movement of the price trends was within the volatility range.  Several coins have been trendless over the past few weeks.  The transaction fee of Ethereum is higher when compared to Ripple; despite this, most investors are opting in for Ethereum despite its higher fees.