Ethereum Price Falls to $219 After Brief Rally: What’s in Store for ETH?
Ethereum continued its freefall on Friday morning, only hours after a brief surge upwards had everyone convinced the bottom had been reached. ETH’s fall to the $223 mark on September 6th appeared to be the worst of it, but now the coin price has hit $219 – the lowest price since September 15th, 2017.
Ethereum Price Falls Further
If you’re the kind of person who appreciates symmetry, then today’s price fall may carry something of a silver lining. Last September marked the lowest that ETH would fall before the gradual run-up to the market surge of November and December began, so that’s at least one good omen we can hang on to.
In the here and now, however, Ethereum is still down over 40% for the last month alone. On friday, when ETH dropped to $219.40, it marked a 6% within nine hours, as the price fell from its daily high of $233.90.
All of this comes after a solid six hours of growth which looked as though it would carry Ethereum back to at least the $250 range. However, that wasn’t to be. And the worrying thing now for Ethereum holders is the rate at which it is falling behind the other altcoins.
For the past week alone, Ethereum is down 25%. Of the major altcoins, only IOTA (MIOTA) and Ontology (ONT) have fared worse over the past week. Compare that to Dogecoin’ (DOGE) 101% growth, Holo’s (HOT) 35% growth, and Monero’s (XMR) 7% growth, and you see the gap between Ethereum and the altcoins widen further.
The Future of ETH
Given Ethereum’s title as the king of the dApps and smart contracts – and still the go-to platform for token launches and ICOs – it’s difficult to see ETH disappearing for good.
With so many other coins and tokens being bought and sold quicker, and more abundantly than Ethereum, one wonders if the whales aren’t ignoring ETH for a reason. What could that reason be? Well, maybe the goal is to drive Ethereum’s price down as much as possible, for the sole reason that Ethereum is still one of the few coins with a real-world use case. If the whales are as smart as they seem, then surely they would have considered this idea? After all, it would only maximize profits in the long run.
Speaking of long-run, Ethereum has some big developments coming up in the near future which could radically alter the sentiment regarding the ETH cryptocurrency. When the Casper update gets implemented and the Ethereum blockchain moves to Proof-of-Stake (PoS), the reliance on miners to secure the network will be no more. Likewise, the Plasma proposal is expected to solve instances of the network becoming overloaded with transactions – and the subsequent rise in GAS fees that accompany it.
Feathred image courtesy of Shutterstock.