Ethereum (ETH) Price Falls Below $200 For First Time In Over 400 Days, What’s Next For Ether?
Most cryptocurrencies continue to suffer a decline in value. Early today, 9th September 2018, ETH was valued at $189.33. The last time it fell below the $200 mark was July 2017 and the crypto market sell-off continues to intensify. Ethereum is now valued at $205.34 with a total market cap of approximately $20.9 billion. It is within a $9 billion range of the third largest cryptocurrency, XRP.
The short interest for both Bitcoin (BTC) and Ethereum (ETH) have recently reached all-time highs and over the past 24 hours, ETH’s short interest has increased nearly 15%. This means that there is a 15% increase in the number of people who believe its price will decrease and this has led to more than $5.8 million in total ETH being sold short.
The recurring daily spikes in short interest is an indication that more losses are yet to come as expected by traders.