Various conjectures leading to the downfall of the Ethereum network
Do we have any value proposition for Ether?
As previously discussed that there is no requirement of ETH for Ethereum. The users and investors seem to be dropping down the usage of Ethereum these days, as better alternatives have been provided. The EOS is one of the best competitors for Ethereum, which effectively works on the scalability issue that the Ethereum network is incapable of. The scalability bottleneck was witnessed by the cryptocurrency community when the popularity of Crypto kitties had blocked the entire network. It has been concluded by various experts, that the actual value proposition of Ether has no room in the Ethereum network. Also, the gas price concept of the Ethereum network is doomed to be unnecessary.
Reasons why Ether adds complexities
It must also be noted down that we incorporation of ether for Ethereum network has a lot of the technical implications. The cryptocurrency wallet and accounts must be designed in such a way that, the accommodate both Ether, as well as, the ERC20 protocol powered tokens. This is the case, as Ether is the native currency and the other ERC20 based tokens are different from it. In brief, the Ethereum network has no future, as even the prices have been continuously plummeting.
Various inabilities of Ethereum
As the Ethereum network is slow, the decentralized applications which need faster transactional capabilities, would opt for the EOS blockchain platform and also the existing decentralized applications would quickly switch to EOS. Even the number of hacks and frauds have been increasing, in the Ethereum community. Most recently, a fake Instagram account of Vitalik Buterin, illicitly scammed few of its followers to send 37 ETH. Effective decentralization is unachievable, as Ethereum is inherently a Centralised one.
Hard forks were always a bad option
The Ethereum network has been falling, as many heated discussions are being carried on in the name of development. The separation of Ethereum Classic from Ethereum was one of the major incidents which broke the backbone of the network. As we all know, that things stay stronger and longer, only when they are connected and work collaboratively, not when hard forks are undertaken frequently. Vitalik Buterin has been steering the ship, and more recently, many irresponsible decisions have been taken, as no significant steps are being taken to tackle the scalability.
The current price of the Ether is $225.24. Let’s understand the background details of the price, since December 2017.
December 2017
The coin was very well trading around $443. It broke past the resistance at $500 and moved to $730, in mid-December. The crypto coin reached almost $900 level by the end of December.
January 2018
The price suddenly jumped from $900 to $1347 within a few days. By the end of January, the price had fallen to $1160. The crypto market provided a solid support at $1000 mark.
February 2018
The price then suddenly fell, breaking its support at $1000 to almost $640 within the first week of February 2018. The price, however, recovered and reached almost $872.
March 2018
The prices then considerably fell from $865 to almost $550, by the end of March. On March 30th, the price of each Ethereum coin was recorded to be $368.
April 2018
This particular month proved to be optimistic for the Ethereum network, where the prices experienced a bullish acceleration and reached up to $690 from a low of $390.
May 2018
The price of the Ethereum coin has been falling, consistently, since may 2018. The prices were hovering around $710, during the initial days, but eventually fell to $577.
June 2018
In June, the prices broke its $500 support level and reached up to $450. The price got consolidated for a few days and a further downfall was experienced.
July 2018
In this particular month, the price of the Ethereum was just moving around with slight fluctuations at $450.
August 2018
This particular month, marked a significant fall in the prices, as they fell from $420 to almost $380 levels. It has been continually short going down since then.
September 2018
On September 4th, 2018, the price broke past its support level at $280 and reached $170. With support at $200 mark, the price rose slightly and reached $230.
October 2018
As of October 4th, 2018, the price of ETH is trading around $225.
Read: What next? Will ETH reach $53?
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