Ethereum is experiencing a bearish market with the price that today fell under the $ 200 brand without an end still in sight. It had fallen below the $ 300 level at the start of the month.
Mike McGlone, a commodity strategist at Bloomberg Intelligence, said that Ether the currency associated with Etheriumj could fall further to support the $ 155 target.
Ethereum was once an innovative product that helped developers to create new and functional blockchain applications. However, ethereum now faces a great competition. As the Cryptocene market grew, Ethereum competes for investor interest with 1,926 different currencies traded on 13,731 scholarships that defy what was once the territory of Ethereum.
The Ethereum challengers have included EOS officially launched in June this year, and NEO is targeting large companies. Others are Cardano, Aeterenity, ICON, Lisk, Stratis and Waves.
In addition to the whole new competition, Ethereum has suffered as start-up paid in ether (ETH) in their initial money offer (ICO) cashed in to cover expenses.
Some of the negative narratives could be created by Etherium's competitors according to the CEO and co-founder of the blockchain power network Ambrosus, Angel Versetti. He stated that Ethereum has proven to work well compared to its new competing blockchains. Versetti said: "There are more stakeholders with concentrated power (or a large share of coin holdings) among other altcoins, who are promoting a narrative that Ethereum's competitors are better and stronger." It's important to keep in mind, however, that these predictions are not based on facts and are purely speculative in nature. "
Matthew Newton, a Toro market assistant, said that although errors were found in Ethereum there is also much fear, uncertainty and doubt (FUD) spreading over the death of the ether and this could contribute to an emotional sale out of the coin.
The lack of the main adoption of decentralized applications (dApp) could also damage prices as Ethereum faces a massive crisis of investor confidence.
Some good news
The Chicago Board Options Exchange (CBOE) which launched bitcoin futures last December is awaiting the green light from the Commodity Futures Trading Commission (CFTC) for the launch of Etherium options by the end of this year. The CBOE will use the Gemini cryptocurrency exchange market, the same base that it already uses for bitcoin futures.
The US Securities and Exchange Commission (SEC) said last June that ethereum is not classified as security, so the path that awaits us seems to be ready for the launch of future Ethers (ETHs). At the time, the president of CBOE said: "We are pleased with the SEC's decision to provide clarity over Ether's current transactions. This announcement clarifies a key obstacle to Ether futures, the case for which we took consideration since we launched the first Bitcoin futures in December 2017. "
CBOE sees the ether as one of the most liquid cryptographic coins that makes it suitable for futures trading. The ether is the second largest cryptogenin by market capitalization, the bitcoin is the largest. The CBOE CEO states that there is significant demand for Ether futures.
Now it's September 9th UTC. Yesterday, September 8th at 9:35 pm UTC time, Ethereum had dropped to $ 193. It closed a little at $ 197. With the day just started the price touched a maximum of $ 1.98 but maybe it will rise above the two hundred brands a little later today. There is no sign of a withdrawal to the support level of $ 155 a good sign. The current price of Ethereum can be found here.