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Ethereum price analysis 7 September: Coin hovering around lowest annual price point

Posted: 7 September 2018 3:36 am
News

The second highest coin by market cap tests new lows.

Key takeaways

  • 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.

Ethereum is having a tough time at the moment. Yesterday the cryptocurrency slumped to US$218.12, its lowest value since September 2017, one year earlier. Today's trade hasn't been much better.

After clawing back some of the losses yesterday evening, the coin has traded sideways for most of the day.

Ethereum

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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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