Much like the rest of the market this week, Ethereum’s price seems to be falling just like the leading cryptocurrency, Bitcoin. The price of the second-biggest cryptocurrency is falling with some analysts believing that Ethereum could see the same bottom it saw in December 2018.
One developer on Ethereum, Evan Van Ness thinks the opposite though and tweeted that the bottom for Ethereum was in. He explains:
“I’m calling the bottom of the ETHBTC ratio. As @ethereumJoseph likes to say, “markets operate in fear and greed cycles.” We’re reached the nadir of the fear cycle”.
Van Ness adds that when it comes to Bitcoin, Ethereum is back to where it was in 2016, before the unexpected surge at the end of the next year. However, considering the amount of progress that has been accomplished right now against 2016, the price doesn’t quite qualify.
Van Ness continues, saying:
“Not only is Eth1 amazing, with layer 2 solutions slowly but surely emerging, but the foundational proof of stake chain is set to ship in Q1 2020. Maybe even in Jan”.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
In regards to USD, the price of Ethereum is undergoing a ‘dead cat bounce’ and could soon be testing the $190 level and even sink near the $150 mark. But as reported AMB Crypto:
“The dead cat bounce is complete here and the price of ETH has fallen below the December 2017 level, trading at 0.02121 BTC, at press time.”
With a lot of altcoins like TRX, XRP, ADA and more losing their value, in terms of BTC the drop was mainly down to the sudden surge in Bitcoins price.
“Mind boggling: a few months ago, a major Silicon Valley figure in crypto actually asked one of the major DeFi projects, “you’re still on Ethereum?” “Of course,” was the answer. Other chains don’t have the tooling or interoperable apps. There is no other option.”