“Game Over” for Ethereum as Price Falls 16% & Prepares for a Drop below $200?

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Today, Ethereum crashed another 10% and dropped to $214.70 following Bitcoin that affected the broad crypto market.

“ETH on the daily level around $228-229. It looks very bad. Losing it and I’d be aiming for $211 and probably $195 mainly,” said trader Crypto Michael.

A few days back, trader Jonny Moe called out Eth looking “ugly” in the near term and the lost considerable value today, being on the biggest losers among the top cryptos.

Although Moe says ETH has found a bottom, other commentators aren’t feeling good about the crypto asset.

“OI up, Vol up, Price down. Bearish retest .618fib, return move to confirm double top reversal. Looking to short the bounce. Game over Ethereum,” said analyst Escobar.

Similar sentiments are shared by analyst Jacob Canfield which sees this to be a do or die moment for the second largest cryptocurrency by market cap.

Fundamentals

Meanwhile, Coinbase is holding the highest amount of ETH, leading with a big margin. Combined, these cryptocurrency exchanges hold 31 million ETH compared to just under 3 million ETH locked in decentralized finance (DeFi).

Centralized exchanges viz. Coinbase, Huobi, Bitfinex, Binance, and Kraken holds the vast majority of these ETH.

As for the world’s leading crypto exchange, Binance hit its first 1 million ETH balance at the peak of its price in Jan. 2018 and it recorded the “largest influx” of customers around that time only.

But since then, this growth has been quite slow in comparison which means, in the last 18 months the growth that Binance saw has been from the existing customers and non-Ethereum crypto assets.

The Future of Ethereum

On the development front, the core developers of the Ethereum network had a debate over ProgPow. While some are in favor as it tackles the issues fast, is easy to fix, and only exploitable under specialized scenarios, others not so much who don’t see the point in making the change when the network will soon transition to Proof-of-Stake.

“It’s a bunch of profit-seeking miners lobbying the Core Dev Political Committee to get what they want. Full stop,” said Ameen Soleimani, CEO of Spankchain.

According to ProgPow proponents, Ethereum 2.0 is still at least two years away and the chain needs to be functional.

In a separate event, ETHLondonUK Ethereum founder Vitalik Buterin appeared on stage with ConsensSYS’s Joseph Lubin and talked about what’s to come for Ethereum.

He is very much into one feature, sharding which he said will scale the Ethereum network “somewhere between a factor of a hundred and a few hundred.”

Interestingly, he sees the Ethereum ecosystem having “increased privacy” next year. “There’s definitely an ever-growing realization of the need to not have all of your activity be publicly linkable to all of your other activity,” Buterin said.

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