Ethereum News and ETH Price Chart: ICOs Are Blamed for the Falling Prices of Ether. Friday, August 17
Important Ethereum News
ICOs Are Blamed for the Falling Prices of Ether
The coin market has been experiencing tough times in recent times with some coins losing as high as 40 percent of their value in days.
Among the top coins, there is none hit as hard as Ethereum as ether, the currency of the platform plunges almost on daily basis. In recent days, the cryptocurrency has seen losses that brought its value at par with its price nearly a year ago.
As at the time of this report, ether is trading at $300.48 according to Coinmarketcap. This is an increase from days ago when the coin fell to $255.78, figures last seen nearly a year ago.
With the losses in the value of ether, Bloomberg reported that ICOs which were responsible for the rise in the value of ether last year have started cashing out their funds, oversupplying the coin market with ether and bringing bearish pressure on the coin.
Buterin Described As the Guardian of Ethereum
The Ethereum co-founder Vitalik Buterin has been described as the guardian of Ethereum. Jason Hsu said this at “Blockchain at Berkeley” meeting students meeting.
Buterin in the meeting spoke about his projects at Ethereum saying:
“Recently, I am spending a lot of time working on the proof-of-stake and sharding protocols. This is what the Ethereum research community is focusing on more than anything else at this point. We think that proof-of-stake and scaling are both really important and there has been a lot of progress on improving the algorithms and the development of multiple limitations over the last couple of months”
Ether May Gain Momentum Above $304
The price of Ethereum could break the $304 resistance on its way up in a surprising twist of events. Ether which has been under a lot of bearish pressure was expected to dip more as we approach another weekend. However, it is experiencing upside against the dollar in the meantime.
Technical analysis shows that the coin may still drop to the region of $288 to $290 before climbing back up. Generally, Ethereum is expected to test the $304 mark.
ETH/USD Price Chart, Friday August 17th:
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