The bearish market in the crypto world never spares the price of Ethereum and it plunges below the $200 mark and the drop continues without any sign of stopping. Ethereum and products associated with it are set to experience progressive decline due to the price target set. The ETH intended to target the $155 price mark based on the statement made by commodity strategists.
Last 2017, it was believed that Ethereum (ETH) cashed out a huge sum to cover expenses for their ICO or Initial Coin Offering. It was referred to by analysts as an ambitious move. Furthermore, the company thought that the future of cryptocurrencies will continue to rise so they pursue it. Eventually ETH suffered a lot nowadays when the price decline became progressive in 3 quarters of 2018.
As to when will the Ethereum prices bounce back? There is no concrete timing or answer to when it will happen.
It is believed that Ethereum was once an innovative product that help crypto developers to generate codes for new and serviceable blockchain apps. However, due to changes and development in different areas of crypto world, competition arises.
The growth and demand of Ether services can no longer support the vast need of developers. The competition for investor interests became more challenging because more than 1900 coins are in existence, not including the 13,000+ exchanges worldwide. At present, EOS launched the same services Ether provided while NEO is moving to greater heights by directing their services to large scale enterprises. While Waves, Cardano, Aeterenity, Lisks, ICON, Lisk and Stratis follow suit.
- Negative Reports and Feedbacks
Ethereum competitors put into circulation, negative narratives about its performance in the crypto world. This statement is according to CEO and co-founder of the blockchain power network Ambrosus, Angel Versetti.
There were reports debunking the reliability, flexibility and functionality of Ethereum. Most of the reviews were made by their competitors and was spread throughout the web. The negative promotion stated that Ethereum competitors are better and stronger, but those statements are based on facts only. It means that everyone can speculate and change everything anytime they want.
- Coins Sell-Off
The major sell-off was due to the negative speculation that there are error found in the Ethereum system which may cause its death. Stakeholders fear that its price will continue to decline, so what the majority did was to sell their ETH coins out of fear.
The loss of investor confidence in ETH causes price dropout. And if not given any attention, it might lead into a major crisis if Ethereum executives fail to adopt in mainstream of the cryptocurrency world.