Ethereum Price Targets A 9-Month Low, DeFi Markets Strengthen

The Ethereum today’s news show that the price of the cryptocurrency is still unstable and may target new low in the coming days and weeks. It has been another miserable week as the Ethereum price targets lows and updates show that the opposing trend comes with continued growth in the sector.

Deep in a two year bear market, the ETH cryptocurrency has displayed little effort to pull itself out of its solid fundamentals. The market cap of the leading altcoin has also dumped to a $15 billion which is far from its highs of $100 billion in early 2018.

A 4% dump on the day has also seen new Ethereum price targets, now being set to $140 as the cryptocurrency corrected. Aside from the brief dip on November 25, the asset has not been this weak since late March which was nine months ago.

As data from CoinMarketCap shows, ETH plunged below $140 a couple of hours ago and is still deep in bearish territory with prices making lower lows on a regular basis now. In the cryptocurrency news today, ETH is at $142 and has improved but overall, the dip is still measuring around 3%.

Ethereum is now a lot close to its prices at the beginning of the year and has wiped off all of the gains in a massive 60% correction over the past six months. This is why the Ethereum price targets new lows and from a technical standpoint, the cryptocurrency has successfully rolled out the Istanbul upgrade which opens the doors to Serenity to begin.

Despite the Istanbul hard fork, we don’t see much of a movement and ETH is trapped in a downward momentum. The DeFi marketplace continues to grow – Defipulse.com shows that new records have been made again with the total value of ETH locked in DeFi now being at 4.6 million.

The Ethereum price targets new lows because of several reasons. The biggest and most important one of them is the fact that the entire market is being dragged downwards. As DeFi grows, more ETH will be used and locked in to interest earning platforms as opposed to the amount of it being traded on open markets. As reports show, this overtime will decrease the volatility and increase the value of the token.