Back in 2015 when Ethereum first appeared presenting smart contract operations, Ethereum was dubbed as one of the most prominent blockchain-based projects.
Ethereum is still the second largest crypto in the market, also representing a second-generation cryptocurrency despite the fact that Ethereum has touched new lows several times during the past couple of months.
The lowest value produced by the frequent decline was set at 177$ back on September 12th, also touching lows of 194$ and 199$ the latest at the end of October 2018.
Ethereum is still away from 1,400$ as set back in January 2018 as its record price, but will Ethereum recover?
Ethereum (ETH) is already Showing Signs of Progress in the Market
Ethereum lost over -85% in the course of the last 10 months, touching new lows in the period of the last couple of months with even going down below 180$ and touching 177$ back in mid-September.
Although predictions for ETH are in general set in a negative connotation since August when Ethereum first started to show the signs of major declining, it appears that Ethereum is finally rising up despite these not-as-enthusiastic expectations.
Ethereum probably entered a series of dips due to the fact that the network has major scalability issues which are causing slow network time, lowers efficiency as well as prolonging the time needed for validating transactions on the blockchain.
Ethereum (ETH) Price Today – BTC / USD
Since Ethereum is still the biggest smart contract platform there are many developers who are waiting for a scalability solution to be implemented into the system, but others seem to have started to leave a ”sinking ship” that ETH seems to have become.
However, with the first days of November 2018, ETH alongside the rest of the crypto market is seeing some improvements regarding its value. Driven by the positive trends, Ethereum jumped from 199$ as traded under on October 31st, towards its current price of 218$.
With the latest weekly and daily gains during the last couple of days, Ethereum is headed towards breaking the resistance of 220$, obviously showing signs of recovery.
Can Ethereum Dip Again Despite the Latest Rises?
When asked about the dip once Ethereum first started to show signs of major declines, Vitalik Buterin stated that ETH might even go down to touch the value of 0$ by the end of the year.
This statement alone was probably one of the additional factors that pushed ETH down towards more dips, but luckily for ETH holders who are still not giving up on ETH, Ethereum is slowly recovering.
The next “stop” for Ethereum is most definitely 220$, while its next goal could be 230$. In case Ethereum is able to go above the value of 230$, it might go under a strong bullish return while heading for an even higher price.
What is also important to note is that the market is still young, unregulated, and vulnerable to declines and dips, so Ethereum value is partially down due to these negative trends.
Additionally, Ethereum network is waiting for the next point in its development, which is set to the integration of a scalability solution in form of Sharding protocol, which will surely push ETH to a more vigorous recovery.