Ethereum Price Tumbles: Under $200 Threat Persists

ETH market prices are now below the levels recorded in August 2017, making the cryptocurrency one of the worst performers on a year-over-year basis.

Ethereum (ETH) has become the target of extreme negativity as its price unravels at lightning speed. After the latest massive sell-off, with volumes suddenly exceeding the equivalent of $2.7 billion in 24 hours, ETH prices burrowed deeper toward the $200 level, dropping from a relatively stable $283.72 to as low as $226.18 around 07:30 UTC on Thursday. Trading volumes continue to expand as selling accelerated.

The slide in ETH prices drew the attention of Bitcoin (BTC) maximalists, who disapprove of the Ethereum hype. WhalePanda, a prominent Bitcoin proponent, tweeted:

https://twitter.com/WhalePanda/status/1037297381145018368

ETH has generated negative opinions as its price is now significantly lower compared to the same period of 2017. In early September 2017, it hovered slightly above $300. However, the more dramatic slide in ETH is against Bitcoin. All hopes of a “flippening” and ETH taking over seem to be lost as ETH crashed from a peak of around 0.14 BTC last summer to 0.03 BTC.

Expectations for ETH remain bearish:

https://twitter.com/CryptoShillNye/status/1037551437943857152

Reasons for the weakness include the looming upgrades to the Ethereum network and the uncertain future of the project. In October, serious updates are expected with the Constantinople hard fork. The developer team has not decided on all updates, but a drop in the block reward from 3 ETH to 2 ETH is the most probable change.

https://twitter.com/BTCVIX/status/1037503100058300418

Another negative factor is the slowdown in fundraising through Ethereum. Capital raised through initial coin offerings (ICOs) declined significantly in July and August, and the downward trend may persist in September. The volatile ETH price is making it difficult for ICOs to cover operating costs. Added to this is the general failure of Ethereum-based projects to take off due to factors such as slow development, gas costs, or a lack of users.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.