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The bear market of Ethereum has not yet come to an end.
The month of September was particularly harsh for cryptocurrency, as it quickly lost the $ 300 handle at the start of this month and is already threatening to constantly plunge below the $ 200 area.
Mike McGlone, a commodity strategist at Bloomberg Intelligence, said Ether could fall further to a support target of $ 155.
Etereum Crisis driven by increased competition, lack of mainstream adoption and FUD [19659005] The open-source computing platform and distributed, public, blockchain-based and operating system was once an innovative product to help developers create functional blockchain applications. This was without a middleman or counterparty risk.
However, with the growth of the cryptocurrency market, currently with 1,926 different cryptocurrencies available for trading on 13,731 exchanges worldwide, more blockchain networks contest what was once the territory of Ethereum.
A number of promising networks of distributed accounting technologies have come to challenge the throne of Ethereum. This includes EOS (which was officially launched in June 2018), NEO (which targets large companies), Cardano, Aeterenity, ICON, Lisk, Stratis and Waves.
In addition to the overwhelming competition in 2018, Ethereum faced sales as block-top start-ups paid in ETH during their first coin offerings (ICO) cashed in to cover expenses.
The negative narrative, however, could be a creation of its competitors, according to Angel Versetti, CEO and co-directing of the Ambrosus network powered by blockchain. He told CNBC that Ethereum has proven to work well compared to other recent blockchains.
"There are more stakeholders with a concentrated power (or large share of coin holdings) among other altcoins, who are promoting a narrative that Ethereum's competitors are better and stronger It is important to keep in mind, however, that these forecasts are not factually based and are purely speculative in nature. "
Bloomberg Intelligence commodity strategist Mike McGlone expects Ether to fall further to a $ 155" support target while facing increasing competition, volatility of the market and a maturing sector. "
Kyle Samani, managing partner at Multicoin Capital, a cryptic hedge fund, said:" People have started to create apps and software, but the market has surpassed itself – yes they are realizing they are in for the long run, and some investors do not have the patience. "
Matthew Newton, eToro's market analyst, said that they are s found faults in Ethereum but "there is also a lot of FUDs spread about the death of ether, which could contribute to an emotional sale. "
The lack of mainstream adoption of dApp could also damage ER20 chip prices while Ethereum faces a massive crisis in investor confidence.
Feat image taken by Shutterstock.
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