Ethereum [ETH] Falls Below 300 USD, Investors Afraid
The prices of Ethereum [ETH] have fallen down below 300 USD, and the people holding ETH are losing their minds over it.
Falling by more than 9 percent today, the cryptocurrency has fallen below the previous support lines. At the time of writing, the price of ETH was 293.85 USD, way lower than its support level of 300 USD—which has been its support level for quite a long time now.
In fact, the last time ETH went so low, it was back in August 2017. With a market cap of 29,767,548,052 USD and a 24-hour trading volume of 1,812,729,538 USD, the cryptocurrency is still falling.
Back in August 2017, the cryptocurrency spent about nine weeks at a price of 300 USD, but this fall happened in a matter of just a few days.
The reason for the fall is unclear—no new events have taken place to become the reason for the fall. This suggests that the reason behind the fall might be the traders trading the cryptocurrency.
Additional factors contributing to the crash might be the high inflation rate of 7 percent for the cryptocurrency, and the ICO industry which cashes a strong dollar out. It is worth noticing, however, these factors were present earlier as well, when the cryptocurrency was running up to 1,420 USD.
It is slightly puzzling as to why the cryptocurrency is proportionally seeing a huge decline in its prices recently.
Some might believe that the delay of Casper might contribute to the downfall as a major factor. That may be true since the whole market had been waiting patiently for its release for a long time until the change in design came along which claimed to make sharding development easier than it used to be.
However, one has reasons to believe that the eventual release of Casper would cancel all short-term expectations, helping it become a significant breakthrough.
People have been searching about ETH increasingly of recently—an increase of 4, from 10 to 14—with transaction levels still remaining the same—700,000—roughly thrice of that of Bitcoin (BTC), and far more than other cryptocurrencies.
With no idea about the reason for the downfall, ETH enthusiasts are shocked by the turn of events.