Ethereum price analysis 7 September: Coin hovering around lowest annual price point
The second highest coin by market cap tests new lows.
- Ethereum, like most cryptocurrencies as of late, has seen its value plummet.
- Trading volumes have risen significantly over a short period of time.
- Ether tested a new yearly low in recent trading and is struggling to regain value.
After clawing back some of the losses yesterday evening, the coin has traded sideways for most of the day.
The token rose to US$231.37 in the early hours of the morning before crashing back down to US$224.32. The coin's value then jumped back up to US$229.49 but has been fluctuating downward ever since.
At the time of writing, ether was priced at US$227.15.
The digital currency has lost around one tenth (10%) of its total value in the last 24 hours of trading.
24-hour trading volumes have shot up substantially, rising from US$1.5 billion to US$2.4 billion overnight.
Cryptovest suggests expectations for Ethereum remain bearish. Analysts point to project uncertainty, network upgrades, low mining rewards and a lack of meaningful growth in the coin's hash rate over the past few months.
ETH News reports that the ETH/USD pair could test the US$200.00 support if sellers continue to remain active.
However, FX Street analyst Ken Chigbo reports that Ethereum's minor price gains, after the heavy selling that occurred yesterday, was a result of ETH/USD bulls making a breakout from a near-term descending wedge.
Market movements don't always have to have a reason, but the distinctive nature of the recent plunge suggests that it's not just happenstance and that something actually went down. Discover what actually happened.
You can learn all about different exchanges, understand exactly how to buy and sell cryptocurrencies, calculate your taxes, discover digital wallets to hold assets and explore a list of all the alternative coins on the market.
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