The Price of Ether Slides to a 6-Month Low
The price of ether has fallen below $400 mark on Thursday. This is the first time the price of the coin of the ethereum network slid to this point ever since the end of November 2017. The movement is certain to spook investors and anyone who might be interested in this cryptocurrency. According to the CoinDesk data, ETH reached $387, after which it bounced back to just below $400. At the present time, the resistance point appears to be set at $392.
During the end of 2017, the same cryptocurrency reached the value over $1,200 and got to its then all-time-high. But now, the same gains could not be more distant. ETH, as well as other big cryptocurrencies, took a big hit during the Thursday’s trading session. The same period clearly marked a start of another big selloff in the cryptocurrency domain. Ripple and bitcoin cash are also among those which took the full brunt of the selling streak and their prices are in a double-digit red zone.
Right now, it looks like no cryptocurrency in the top-10 list based on market capitalization is avoiding the drop. Bitcoin, the biggest one among them, is also in the red. It is currently trading at prices just short of $7,000. The analysts do not have any definite answer about the reason for the drop of its expected duration. Bitcoin, in particular, has been struggling with its price ever since the first big sell-off of 2018, which took place in early February.
This downwards momentum was back then spurred on by the news that South Korea is banning cryptocurrency exchanges. The news was gradually disproven but the slump never really stopped. That is why many believe that the current drop is most likely a continuation of the same bear market brought because of the global worry regarding regulation.