Ethereum’s price looks like it is undergoing a dead cat bounce. The price [in terms of USD] is slipping down and there is a possibility that it might revisit the bottom formed in December 2018. Evan Van Ness, an Ethereum developer, believes otherwise and tweeted that the bottom for Ethereum was in, explaining his views for the same.
“I’m calling the bottom of the ETHBTC ratio. As @ethereumJoseph likes to say, “markets operate in fear and greed cycles.” We’re reached the nadir of the fear cycle”
He added that “in terms of BTC,” Ethereum is back to where it was in 2016. However, considering the amount of progress that has been accomplished right now versus 2016, it doesn’t quantify the price.
Evan Van Ness added,
“Not only is Eth1 amazing, with layer 2 solutions slowly but surely emerging, but the foundational proof of stake chain is set to ship in Q1 2020. Maybe even in Jan”
As seen in the chart herein attached, in terms of USD, the price of Ethereum is undergoing a dead cat bounce, and it might soon test the $190 level, while even going as low as $150. The ETH/BTC chart is a very different scenario altogether. The dead cat bounce is complete here and the price of ETH has fallen below the December 2017 level, trading at 0.02121 BTC, at press time.
The fall in the value of altcoins like XRP and TRX, in terms of BTC, was mainly due to the sudden and meteoric rise of Bitcoin’s price.
Eric Van Ness, further added,
“Mind boggling: a few months ago, a major Silicon Valley figure in crypto actually asked one of the major DeFi projects, “you’re still on Ethereum?” “Of course,” was the answer. Other chains don’t have the tooling or interoperable apps. There is no other option.”