Ethereum (ETH) had a hard week in the crypto markets. On 5 September, just before the entire market lost nearly $ 40 billion in one day, ETH was valued at $ 280 and seemed to have considerable support at that level. Then the news struck that Goldman Sachs decided not to proceed with plans for a Bitcoin (BTC) and Crypto trading bank. The whole market is wasted. ETH fell into the markets at current levels of $ 219 as the news on Goldman Sachs was declared fake news
Fears of further decline and ETH Dumping in the markets
The Ethroum HODLer in the crypted community that ETH will continue to fall to levels well below $ 200. The last time the ETH fell below these levels had returned in mid-September when it was briefly valued at $ 195.
With the constant rumors that ICOs are selling the ETH they raised last year and at the start of this year to avoid further losses, it remains the concern of the possibility that digital activity will continue to depreciate in value. Although these claims have not been confirmed, the theory is plausible given the tons of crypts that have been paid into ICO since the end of last year to this day.
Will it go to zero?
The extreme side of the events is that the ETH plummet to zero while everyone gets rid of the digital resource for more stable coins like Stellar (XLM). There is also the theory that ETH can be replaced as the preferred "gas" payment on the Ethereum network, thus making digital activity obsolete. However, the Ethereum community would not consent to such a radical review of network operations.
An invitation to a new Ethereum network
This then leads to a new discussion that the Ethereum network must evolve with time or risk being obsolete when more efficient networks are created. These include Tron (TRX), Zilliqa (ZIL) and Neo (NEO). Of particular interest are the security vulnerabilities in the smart contracts of Ethereum and the network with congestion problems that need to be solved by increasing its throughput.
Waiting It Out
The good thing is that ETH still has fans and HODLers who are willing to wait for the current storm in the form of a bear market. There are also great hopes that the problems of scalability on the network can be solved very soon, further injecting the necessary life in the digital set-up.
In conclusion the digital resource of ETH is facing some difficult times in the encrypted markets as it has lost 85% from its peak of $ 1,400. With the bear market still in full strength at the time of writing this, there is the fear that its value may fall further. However, the long-term future of ETH is still bright if its network can evolve with the times.
Disclaimer: This article is not intended to give financial advice. Any opinion here should be taken as well as it is. Perform your research before investing in one of the many cryptocurrencies available.