Ethereum (ETH) has had a very tough and challenging week in the digital currency market. On September 5th, just before the entire digital currency market lost about $40 billion in less than twenty-four hours, Ethereum (ETH) was changing hands at $280 and it appeared to have had a very strong support at that level.
Then there was a news flash that Goldman Sachs has ditched its plans to launch a trading desk for Bitcoin and other digital currencies. The whole digital currency market tanked, and Ethereum declined heavily. The digital currency is still declining, as it recently plunged below the $200 mark and tested the $190 level, even though the news about Goldman Sachs has since been declared as fake news.
Ethereum (ETH) Price Today – ETH / USD
Fears for Ethereum Crashing Further as ICOs Are Selling Off Ethereum (ETH) in the Market
The HODLers of Ethereum (ETH) in the digital currency community are worried that the value of the digital currency will continue to crash towards the $180 mark. The last time Ethereum (ETH) declined below the $200 level was in September last year when it traded at $195.
At the moment, the digital currency is testing the lows it tested in July last year, as it is currently around the $190 level.With the speculations that Initial Coin Offerings are selling the ETH tokens they raised in 2017 and early 2018 to avoid further losses, there is a great concern about the digital currency continuing to depreciate in value.
What Is Next for Ethereum (ETH) – Will it Crash to Zero?
The extreme aspect of things is that the digital currency will crash to zero as everyone is selling their tokens for more stable digital currencies such as Stellar Lumens. There is the theory that ether can be replaced as the preferred “gas” payment on the network of Ethereum, hence making the digital currency obsolete. Nevertheless, the community of Ethereum (ETH) wouldn’t agree to such a radical overhaul of the operations of the network.