The year 2018 continues to truck along, but the overall momentum hasn’t shifted in the slightest. During this weekend, there will not be any meaningful uptrend either, by the look of things. Whereas things looked somewhat promising for Ethereum a few hours ago, the losses are piling up once again. As such, a further drop to $85 for the second time in as many days is very likely.
Ethereum Price Continues to Dwindle
Not too many people will be surprised to see the value of Ethereum plummet once again. Albeit there was some marginal improvement in the early morning hours that positivity has now evaporated once again. A net gain was on the charts again today, but it has turned into a rather hefty net loss across the board. As such, the Ethereum price will not necessarily find support at the $85 level over the coming days and weeks either.
Over the past 24 hours, there has been a steep 5% decline for Ethereum in the BTC value department. There is also a 5.5% dropoff in USD value, which slowly pushes the altcoin’s value back toward the $85 mark. This has been an interesting price level for Ethereum over the past few days, and it will be intriguing to see how it will continue to play a role of importance moving forward.
When looking at the social media activity pertaining to Ethereum, there is still some cautious optimism. The upcoming hard fork – currently scheduled to go into effect in January – will offer some much-needed improvements to the ecosystem. Additionally, there are still plenty of developers focusing their attention on Ethereum right now, as those people aren’t bothered by the price movements in the slightest.
#ETH it’s down more then 13x from ATH and has the biggest developer community around in the whole crypto sphere.
Also big Constantinople update coming soon.
— Cryptociraptor (@cryptociraptor) December 8, 2018
Additionally, many people see this lower Ethereum price as an excellent investment opportunity. It is certainly true all markets will rebound eventually. What price they will reach before that happens, however, is a different matter altogether. There is no such thing as a fixed bottom for ETH right now, and a further drop is very likely at this point.
— Clay Hughes (CHaCo!) (@clayhughesmusic) December 8, 2018
There is one particular aspect more people should be worried about. Ethereum has seen a major dropoff in overall hashrate, which can pose many different challenges in the future. Cruxpool wants to ensure miners can still receive payouts by lowering the payout threshold. A smart choice, under the current circumstances, although it remains to be seen if other mining pools follow this example.
— Cruxpool (@cruxpool) December 8, 2018
Based on all of these circumstances, it is evident the Ethereum price will not see much success for the foreseeable future. The losses are piling up and there is no reason to expect anything else at this stage. As such, the coming days and weeks will be crucial for the future of this altcoin, albeit it remains unclear how the situation will evolve exactly.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.