The Last Time Ether Had a Losing Streak Like This It Ended in a Crash
With BTC-USD reaching new highs over the weekend, many Ether traders have begun to complain about the lackluster performance as the price of ETH-USD hovers around $294/coin at pixel time.
Caution may be warranted, however, because the last time ETH-USD dropped 7 days in a row it dropped $50 on the 8th.
Cryptick has done an analysis of the year to date trading history of ETH-USD on the GDAX exchange, with the results plotted below. In this graph we can see the price of ETH-USD in blue and the number of consecutive down days in green.
The last 7 day losing streak occurred last month, and ended with a more than $50 drop in the USD price of Ether the next day.
The current sell-off is most likely related to the most recent Hard Fork announcement of the Ethereum network. According to Ethernodes, only 66.4% of geth (the most widely used client software) and 43.8% of parity nodes have made the upgrades required in the HF. This situation has left many wondering how long it will take to know if the network is truly secure. Previous security events have been associated with significant price volatility, causing some traders to prefer the continued momentum trade going on in BTC-USD.
