ETH market prices are now lower than the levels recorded in August 2017, making cryptocurrency one of the worst performance on an annual basis.
Ethereum (ETH) has become the target of extreme negativity while its price unfolds at the speed of light. After the last massive sell-off, with volumes suddenly exceeding the equivalent of $ 2.7 billion in 24 hours, ETH prices fell deeper towards $ 200, falling from relatively stable $ 283.72 to $ 226.18 around 7:30 UTC on Thursday. Trade volumes continue to expand with accelerated sales.
The ETH price slide has attracted the attention of the Maximcoists of Bitcoin (BTC), who disapprove of the Ethereum advertising campaign. WhalePanda, an important supporter of Bitcoin, has tweeted:
ETH has generated negative opinions because its price is now considerably lower compared to the same period in 2017. At the beginning of September 2017, it remained slightly above $ 300. However, the most dramatic slide in ETH is against Bitcoin. All hopes of a "flippening" and ETH seem to have been lost while ETH crashed from a peak of about 0.14 BTC last summer to 0.03 BTC.
Starting at 8:30 UTC, Binance saw an accelerated sale in the ETH / USDT pair. Tether (USDT) has a share of about 29% in ETH business at this time, with Binance being the most active trade in the dollar-denominated trade.
Expectations for ETH remain bearish:
The reasons for weakness include the looming updates of the Ethereum network and the future uncertain of the project. In October, serious updates are planned with the fork of Constantinople. The development team did not decide on all the updates, but a fall in the block premium from 3 ETH to 2 ETH is the most likely change.
Uncertainty caused the stagnation of Ethereum, with no significant growth in the upfront observed in recent months. Low rewards and the drive to turn ETH into a proof-of-stake currency are gradually destroying the mining economy.
Another negative factor is the slowdown in raising funds through Ethereum. The capital raised through the first offers of coins (ICO) decreased significantly in July and August, and the downward trend could persist in September. The volatile price of ETH is making it difficult for ICOs to cover operating costs. To this is added the general failure of projects based on Ethereum due to factors such as slow development, gas costs or lack of users.
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