Ethereum price is currently trading around $90 while being down more than 93 percent from its peak. The market sentiments are tilting towards more pain incoming as ETH shorts reach its all-time high (ATH).
“No One Wants ETH”, Ethereum Shorts Reaching the Moon
Desk Update: Historically, our trading volumes have been more evenly weighted across BTC and ETH. However, our recent flows have been heavily skewed towards BTC – with approximately 70% of our transactions in BTC.
— Cumberland (@CumberlandSays) December 7, 2018
Ethereum has dropped down to two digits with yesterday’s crash. Briefly touching $84, ETH has come to its 19-month lowest. At the time of writing, the third largest cryptocurrency by market cap of $9.6 billion has been trading at $92 with 24-hours gains of about 7 percent. In the BTC market, ETH is in the green by about 6 percent.
Ethereum 1-month price chart, Source: Coinmarketcap
Despite the severe downfall, ETH registered greens on the announcement of its long-awaited hard fork Constantinople launch in about mid-January 2019.
#Ethereum Constantinople mainnet hard fork scheduled for block #7080000, estimated around the 16th of January, 2019!
— Péter Szilágyi (@peter_szilagyi) December 7, 2018
This upcoming hard fork involves five Ethereum Improvement Proposals (EIPs) that will fundamentally change the Ethereum blockchain.
These improvements might help in uplifting the price of Ethereum and power it up to compete with its competitors such as Tron whose Founder and CEO Justin Sun is eagerly suggesting Ethereum developers and projects to migrate to Tron network.
However, Eth price have lot more pain coming up as the popular trader and investor, Crypto Squeeze shared,
— Squeeze [When Moon?] (@cryptoSqueeze) December 8, 2018
Looks like, this is what other investors and traders believe so as well as ETH shorts have reached an all-time high with a sharp jump.
With shorts reaching so high, the market sentiments currently signals expectations of more price drop coming.
Back in February, this year, Ethereum founder Vitalik Buterin had Tweeted,
“Reminder: cryptocurrencies are still a new and hyper-volatile asset class, and could drop to near-zero at any time. Don’t put in more money than you can afford to lose. If you’re trying to figure out where to store your life savings, traditional assets are still your safest bet.”
Do you think Ethereum is slowly making its way to “near-zero” point as Vitalik had reminded?
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.