Ethereum Price Predicted to Continue Dropping. Alt Season Canceled?

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Mon, 06/10/2019 - 06:00
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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.

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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.

Another expert suggests that Ethereum’s predicament could be a bad sign for alts in general.

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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.   

As reported by U.Today, EOS, and Tron, the two major Ethereum competitors, already took the lead in the dApps race.

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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.

Grayscale, another institutional player, recently opened its Ethereum trust for retail investors.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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