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ETH's market prices are still threatening to fall below the $ 200 range, while miners are moving away from the grid.
The global supercomputer of Ethereum (ETH) is losing its power, while miners have been gradually abandoning the network in recent weeks. The ethereal hashrate has fallen to its lowest level in the last three months, slipping to 257 TH / s. Since March 2018, the ethereal hashrate has been relatively flat, going from about 250 to 290 TH / s, indicating uncertainty after much faster growth in the first three months of 2018. This coincides with the acceleration of market prices of ETH.
The Ethereum network has presented a number of problems, including periodic congestion. This factor, coupled with the awareness that the apps distributed by Ethereum had very few users, was one of the bearish factors that exposed the fact that the Ethereum Virtual Machine could have been overwritten.
Continuous skepticism finally led to an exaggeration of market prices. The ICO projects, funded with Ethereum, have realized they could see their track capital drop to zero unless they sell early. This factor continues to put pressure on the ETH price, as the asset is trading at $ 199.01 starting at 5:30 UTC on Monday
. On Bitfinex, the purchase of Ethereum's short positions, or the bet that ETH prices will fall, has reached its highest level since July. The opening of short positions means that more market participants are convinced that this is not the last drop in prices for ETH.
Some believe that ETH can continue to fluctuate at lower prices, but eventually recover. The biggest problem with ETH is that its price also drops against Bitcoin (BTC), almost guaranteeing a weakness in current prices. Since over 36% of ETH trading is in the ETH / BTC pair, the influence of BTC is sufficient to keep ETH under pressure. Furthermore, the Bitcoin maximalists continue to be very critical of the Ethereum project.
Both BTC and ETH are highly influential, having every 400 pairings with various resources. ETH trading remains active, with over 13% of all cryptographic volumes and the low price has not caused trading to stop trading. The ETH usually reaches 24-hour volumes above $ 1.5 billion and gives liquidity to tokens and altcoins. Thus, some see a case for the recovery of ETH at some point:
https://twitter.com/MoonOverlord/status/1038650267988840448
The biggest problem with the & # 39; Current decline in ETH prices is the expectation that ETH will only rise based on the demand for ICO and the use of the network. But since ICO fundraising has come to a halt in recent months, those who bought the top-most ETHs, pending a bull market at $ 5,000 or more, have been left with significant losses.
Neither the author nor the publisher assume any responsibility for any investments, profits or losses made as a result of such information. Trading and investments in cryptocurrency are risky propositions and market participants are advised to always conduct in-depth research.
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