Ethereum has a rough ride

If you own ETH you may be viewing its daily price while covering your eyes with you hands, just like watching Nightmare on Elm Street the first time round. It is a case of falling, falling, falling and some wonder if it will go lower than $150.

Today is no different. ETH is getting battered once again, courtesy of another 12% drop in the past 24 hours. Bitcoin may also be going down, but ETH is having an even sharper drop, which is not great news for the second largest cryptocurrency and it is losing value across the USD and BTC markets alike.

It is going to take a while to recover from this situation, which isn’t helped by Arthur Hayes, CEO of Bitmex, who is clearly anti-ETH. He has been calling it ‘Shitcoin’ on public forums and advising users to short ETH. As JP Buntinx at The Merkle says in regard to Hayes and others: “They should certainly not provoke users by telling them to short a specific currency either. It is very interesting to see how individuals behave under these market conditions, yet Hayes is not the role model to look up to in this regard.”

While there are those on Twitter accusing Hayes of market manipulation, given that he is CEO of an exchange so why would you tell people to short one of the biggest cryptocurrencies, there are some upcoming events that are of interest to ETH owners.

The upcoming DevCon 4 Ethereum conference will take place later this year. This will also be the moment in which Ethereum goes into its next stage courtesy of the Constantinople hard fork. As a result, five new Ethereum Improvement Proposals will be introduced, which will further improve the overall network.

For the moment, the Ethereum price is not being favoured by market conditions, although it appears to be only a matter of time before things begin to improve again.