Ethereum might be in the darkest of all times, with 50+ top ICOs still waiting to dump their ICO funds. There is a fear that mass liquidation might be just around the corner for ETH and will bring the price back to early 2017 levels.
As reported by CoinGecko, ETH has already experienced 90.54% since the all-time high of $1448,18 on Jan 13, 2018, around ten months back. The SEC ruled against 2 ICOs last week and fined EtherDelta founder Zachary Coburn.
Currently trading at $137, ETH might very soon be in 2 figures and reach $53 which is the next support level.
Most ICOs that raised in 2017 will hold a considerable amount of ETH in their wallets, and a big dump is eminent anytime soon. This “dump” might bring the ETH price to early 2017 levels when it traded from $20 – $53 levels. The ICO projects need to liquidate to fiat to run their day-to-day operations, and as soon as ETH hits two figures, t will become a must for these projects to liquidate.
Some crypto critics claim that Ethereum is no longer valuable to the cryptocurrency and blockchain space as new projects like EOS are faster, cheaper and more reliable.
What do you feel about the ICO dumping? Do you still believe ETH will ever rise above $150? Comment below.