Against all expectations, Ethereum continues to lose value. The major cause of this correction is the trickledown effect of the Bitcoin price crash. Not even the supply crunching London hard fork has been able to lift the spirits of Ethereum price movement. The ETH/USD pair has been depreciated by 5.41% in the last 24 hours.
At present, ETH is trading for $1,720, which is only $400 higher in comparison to its ATH in 2018. Investors are taking this as a major psychological support level. Ethereum’s price is dropping alongside Bitcoin since last Tuesday. The closest recovery attempt of ETH/USD was seen on Sunday when it managed to recover to $1,994.
Ethereum Co-founder is Planning to Sell All of his Crypto Holdings
Anthony Di Lorio is another Ethereum co-founder. He recently told journalists from Bloomberg that he is opting out of the cryptocurrency industry altogether. It should be noted that Lorio is thought to be the owner of a large silver crypto reserve. He told the media that the reasons behind his retirement from the crypto industry are based on personal safety concerns.
Di Lorio also revealed that he is planning to liquidate all his crypto holdings. However, he refrained from mentioning ETH, ETC, to be specific. He further explained that there are many areas which the world needs other than cryptocurrency. He claimed that he wants to be a guy who is known for solving complex issues rather than being associated with virtual currencies.
CEX.IO exchange Executive Director Konstantin Anissimov hopes that the ETH price may reach around $3000. He postulates that the current market downtrend is the best opportunity for investors to refill their reserves.
He claims that Bitcoin could be reinstated to $45K, whereas Ethereum can salvage the $3K level. Some investors think that London hard fork that will add scalability and speed to the network in addition to decreasing inflation could be a great price motivator. CoinMonk claimed that London hard fork would be able to burn 1% of the total ETH supply in 365 days which could start a new bullish trend.