Even though the recent Ethereum issues are being addressed and will probably be a great learning experience for everyone else, the popular cryptocurrency is still declining in price.
I tweeted earlier today (@investor_crypto) that the current downward pressure on ETH is greater than the upward. Until we see it trading above the resistance point of around $330 we will most likely see a further decrease in price.
While ETH is still locked in strongly as the 2nd largest market cap behind Bitcoin (BTC), it has taken a large step backwards. Just a week ago it was within striking distance as it was only $7B behind BTC.
Look at where it stands now according to coinmarketcap.com
With popular rivals such as Litecoin, Ripple, and Dash all announcing important new updates to their roadmaps, it wouldn’t be shocking to see it lose its #2 spot on this list.
Again, it’s cryptocurrency and things can and do change FAST. While I’m still long on ETH I believe that with a little more patience we can pick it up at a lower price point.