Coingape - 9/10/2019 2:02:20 PM - GMT (+0 )
There have been speculations around the price of Ethereum lately. Renowned crypto traders and analysts are suggesting that Ethereum is still very much undervalued and has bigger potentials than its present stance in the crypto space. However, other community members are brutally opposing this claim while believing that the top cryptocurrency has lost its long-term potentials, a condition in which the coin may never reach its all-time-high again!
Earlier this week, a brief analysis was used to compare the similarities of a previous bitcoin dump from $1,200 to $175 in 2015 to that of Ethereum’s flatline in which the price of ETH has similarly dropped from $1,000 to $107 this year before slowly reviving. This analysis was used to support the notion that as BTC and ETH showed correlating stances, ETH too, just like BTC, has a great chance of resurrecting towards its previous all-time-high. This conclusion was made by a Twitter user going by the name Patrick McCorry.
Further, just as the microanalysis began to gain some traction and stir up arguments and opinions, Twitter user Dovey Wan, founding partner at Primitive crypto also weighed in with some extra points of view. The view expressed that Eth has entered its first major bear cycle may take a longer time than expected before the popular cryptocurrency resurrects. Concluding this opinion, Dovey predicted that the underway bear market would instigate a massive sell-off which will eventually ease out in the long run.
Charts Show How Ethereum Is Trailing BTC
— Dovey Wan 🗝 🦖 (@DoveyWan) September 10, 2019
Supporting the analysis, one comment on the thread simply revealed, using price charts, the similarities between 2015 BTC price movement and that of 2019 Eth price movement which seemed to show correlating curves.
Other community member agreed that though ETH is currently undergoing massive development and adoption which doesn’t commensurate the currency price, supporting the undervaluation of ETH argument.
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development.
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