In the past 24-hours, the price of Ethereum (ETH) has experienced a slight increase worth 0.46%, bringing it up to $4,036.94. However, it is currently not known exactly how it may react given the current situation of ETH in mind.
When it comes to ETH’s performance in the past 7-days, its price has plummeted by 2.65%. Even a deeper analysis for Eth shows that in the past 30-days, its price has experienced a 12.08% plummet.
In the light of the above trend, it can be expected that ETH may not have good news for the investors keeping their hopes high. This is because its price has not experienced much growth in the past 100-days. When doing a comparison between ETH’s 3-day SMA and 100-day SMA, ETH’s price has only grown by over 3% in terms of its average figure.
This is something that wasn’t expected from a cryptocurrency that has observed a weighted average growth worth 453.21% from YTD.
However, it is not Ethereum to blame for not being able to perform and live up to its true potential. It is mainly to do with the overall performance of the cryptocurrency industry. From the month of May 2021, things have been quite well for the cryptocurrency sector.
While the analysts and market observers were making huge predictions for the overall crypto-sector, the Chinese government had something else in mind. China launched its crackdown against Bitcoin and other mining farms that were mining cryptocurrencies in the country.
It continued with its crackdown and soon, inflicted a lot of damage to the overall cryptocurrency industry. Even at the beginning of December, China has continued with its crackdown, and this time, it hit the final nail in the coffin for the crypto-sector. China fully banned the cryptocurrency sector in the country pushing out all cryptocurrency-related firms for good.
Even Ethereum’s market presence and demand haven’t helped it recover from the huge loss. Data from TradingView shows that as of now, the RSI for ETH is in the negative trend. This means that its price may fall in the upcoming days.
The trading volume for ETH shows that it has experienced a 42.57% drop in the past 24-hours, coming down to $14,575,908,276. This means that as of now, the bulls are trying to push the price of ETH higher. However, ETH’s RSI is still revolving in the bearish zone.
Therefore, the bears may launch another mass-selling for ETH aiming to bring it below the $3,907.54 figure, which is currently the 100-day SMA for ETH. If the bears manage to achieve that, its price may experience another plunge going all the way down to $3,500.
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