Besides this technical analysis and above all the sale of the ethereum collected with the various Ico, which seems to depress the price of ETH, I would like to bring to your attention a new factor that could counter the sale of the Eths on the exchanges:
its DEFLATION due to the MakerDao effect (for further details
https://medium.com/@MakerDAO)
From the birth of Dai to today, December 18, 2017, 276 days have passed; in this period of time the same DAI 750,000 ETH or 2750 ETH per day about were put as collateral; in the same period of time the Ethereum inflation due to mining was 5,850,000 Eth or 20,500 Eth per day about. This means that about 13.7% of all the inflation of Eth, or of mining, or of the new Ethers created, is absorbed by the various CDPs and secured by the Dai.
(information extrapolated from
https://mkr.tools/1) At the moment the stable coin DAI has as "underlying" only the US $, but in the future will be opened to the market of other currencies (euro, yen, Krw, etc.), raw materials, commodities, etc .... growth is only at the beginning
2) At the end of the year the mining inflation on Eth will be reduced by 33%, going from 3 to 2 Eths per block
All this I believe will surely have a strong positive impact on prices and on the future of Ethereum itself; when the whole market starts again I think ETH will return to be among the protagonists, and who knows if one day the possibility of overtaking Bitcoin will reappear (as it was about to happen in June 2017).
About 2 months have passed since I wrote this, underlining the importance of the birth of DAI, new stablecoin anchored for the time only to Ethereum, and how important this was to reduce the inflation of Ethereum (together with the reward cut that there it will be at the end of the year).
Currently, 1% of Ethereum's total supply is contained in the MakerDao smart contract, which is responsible for the creation of the only decentralized stablecoin, DAI, which I repeat at the moment has only $ as its underlying, but in the future, if it proves to withstand the strong fluctuations and manipulations of the market (as is happening in these days), will open the market to other currencies, indices, raw materials, etc.
https://cryptonomist.ch/en/2018/11/15/ethereums-total-supply-smart-contract/DAI is perhaps, at the moment, the largest killer dApp of Ethereum, and will help and support the latter very soon to resume the road to the growth of prices and capitalization.