It hasn’t been an easy month for Ethereum in terms of its price. Similar to Bitcoin and other top markets, Ethereum has lost a fair bit of value and struggles to reclaim any of it. The past 24 hours offer a small glimpse of hope, although it remains to be seen if this can be sustained for more than a few hours on end.
Can the Ethereum Price Hit $110 Again?
There have been many discussions regarding the potential future of Ethereum in the price department. Although some people feel the token is vastly undervalued, others are pretty certain the current price is still too high. This creates for a very interesting situation, even though price speculators will not be too happy with the way things are going as of right now. No real uptrend has been sustained throughout January, and it seems unlikely next month will be any better.
Over the past 24 hours, the Ethereum price has risen by just 1.3%. As such, one Ether is now priced at $106.11, which seems to indicate the $100 level will not come into play anytime soon. As far as ETH/BTC is concerned, another minor loss has been noted. For now, it seems likely this ratio will drop below 0.03 BTC again pretty soon, despite hitting 0.04 BTC not that long ago. A bit of an uneasy situation, although one has to keep in mind this setback was entirely to be expected.
On social media, the sentiment is seemingly turning against Ethereum as well. Eric Conner is annoyed with how any discussions related to the price are almost a “taboo” among Ethereum enthusiasts. It is a bit of an odd stance toward a key aspect of the project, albeit there is more at stake than just the value fluctuations of Ether. Purposefully avoiding this topic will always raise a lot of questions, though, which is not necessarily a positive approach.
In more positive news, it would appear the Wrapped Bitcoin project is firing on all cylinders. More specifically, there are over 65 BTC “wrapped” on the Ethereum chain. It is a bit of an interesting experiment, although it remains to be seen if anyone will ever use WBTC in this regard. Tokenizing Bitcoin on Ethereum also seems to be a step backward in many ways, albeit the opinions will always be divided on this front.
One lingering issue which has been present for some time now is how the Rinkeby testnet faucet is still empty at this point. That has been a problem over a week ago, yet it seems things will not necessarily improve in the near future. It is also possible the faucet has run dry again in very quick succession. Definitely something for the developers and community to keep an eye on moving forward, although it shouldn’t cause too many problems.
Although there is a minor uptrend where Ethereum is concerned, it will seemingly not last all that long. That is a bit problematic in its own regard, although there isn’t much one can do about it either. Bitcoin’s uneasy momentum will keep all of the top markets in check, for the time being. As such, the current price level for Ethereum may not hold for very long, which would put even more pressure on the market.