Ethereum, just like the majority of other altcoins, was badly affected by Bitcoin’s inability to stay above the psychologically important $8,000 level. Now, one expert predicts more pain for the second biggest cryptocurrency.
At the time of writing, the ETH price is sitting at $234, a far cry from its weekly high of $270, according to CMC data.
More woes for Ethereum
Of course, one doesn't have to be a prescient financial analyst to determine the reason behind this pullback - the biggest altcoin mostly mimics the price action of Bitcoin. Don't expect it to zig when Bitcoin zags.
However, Ethereum also tends to take an even stronger hammering when there is bearish market sentiment. Just a reminder that the top altcoin appeared in the double-digit territory last year.
Trading expert Mohit Sorout now claims that “only a miracle” would save Ethereum right now as the coin seems poised to dip below the $200 mark.
$ETH is going to $200 and only a miracle can save it. pic.twitter.com/faWP19GTjj— Mohit Sorout ? (@singhsoro) June 9, 2019
Another expert suggests that Ethereum’s predicament could be a bad sign for alts in general.
Is Tron stealing its thunder?
Meanwhile, Tron is inching closer to overtaking Ethereum by the total number of transactions. This metric reflects the current pace of adoption.
The gap is closing! #TRON is now just 9.9 Million Transactions away from overtaking #Ethereum.— Mr Gordon (@MrGordon_UK) June 9, 2019
With continued #DApp growth and innovation on the TRON blockchain it is clear that buying and #HODLing #TRX is one of the smartest decisions I ever made..#IAmDecentralized pic.twitter.com/fuyrqLQZy0
As reported by U.Today, EOS, and Tron, the two major Ethereum competitors, already took the lead in the dApps race.
A possible catalyst
With a cloud of uncertainty hovering above Ethereum, if CME, the largest futures exchange in the world, decides to go for an ETH listing.
According to one analyst, this would be a low hanging fruit for the exchange since it already has an Ether price index.
2. CME BTC futures did record high volume for April and May, giving them further confidence to launch a new crypto futures product.— Arthur (@ThinkingETH) June 10, 2019
3. Low hanging fruit for CME to list Ether futures as they already established an Ether price reference index together with CryptoFacilities
Grayscale, another institutional player, recently opened its Ethereum trust for retail investors.