Ethereum experienced a slight relief bounce overnight, rising to $3,120 after dropping below $3,000 for the first time since September.
For the time being, however, Ethereum remains in a deeply troubling downtrend with a move to $2,650 and $2,260 on the cards over the coming weeks.
The market is in an eerily similar state to that in 2018, which saw assets like Ethereum eventually lose more than 80% of their value in a matter of months.
While the short-term outlook remains dreary, it’s worth noting that the cryptocurrency market has a habit of bucking the trend when investors least expect it. If Ethereum can begin to gather some bullish momentum, there are a lot of short positions beneath $4,000 that would be ripe for a squeeze.
Buterin had proposed that Bitcoin needed a scripting language. He decided to develop a new platform with a more general scripting language when he couldn’t get buy-in to his proposal.
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As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
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