All the major coins in the cryptoverse have been taking dips for a while now and Ethereum isn’t left out of the mix. Within the past 48 hours, ETH has fallen significantly and this fall may be related to the upcoming EOS Mainnet launch.
The drastic drop in price started when EOS decided to sell out their Ether stash. The highest sell-off was recorded on Bitfinex leaving many Ether holders disappointed.
Ether Price Analysis
Almost a month ago, Ether managed to break the downward trend selling as high as $800. However, Ether has lost a lot of its gains and is now trading in red. Ether is dropping against the USD irrespective of the fact that the market trend over the last two days has been active and trading in green. This is discouraging because other cryptocurrencies are trying to bounce back.
The dip wasn’t caused by a rough market current alone. EOS is also a culprit behind the price dip Ether has suffered over the last few days. Reports from financial analysts is that EOS is responsible for the latest dip in Ether’s price.
The EOS team, in celebration of the Mainnet release, decided to organize a sell-off of all the Ether they were holding. The sale was hosted on Bitfinex in preparation of the release of EOS Mainnet. This is addition to the fall in price caused by the downward market trend.
Apparently, ICOs contribute a great deal to the success of Ether and the cryptocurrency industry underestimated that. The startup companies have to cash in on their investments in a bid to raise funds for projects and foster mass adoption.
Ether hasn’t progressed significantly for the past one month as it has been trading in red for the entire duration. The sell-off only made things worse for Ethereum. Hopefully, the price of Ether will stabilize soon. No one knows what the future will bring. After all, the cryptocurrency market has never been predictable long term.