Ethereum’s price against bitcoin is down by around 4% today, reaching a new recent low of precisely ₿0.04 before barely recovering to ₿0.0402 at the time of writing.
Ethereum’s price in fiat is likewise down to $275, with it falling by more or rising by less than bitcoin for all of this summer.
Eth started this summer at double the value in btc, something which would give it a fiat price of $550, but since mid-June eth’s value in btc has been falling with it reaching a new low today since December 2017.
This change in price direction might be due to the delay of Hybrid Casper, which was meant to reduce inflation by some 80%.
Devs, however, ditched their smart contract Casper plans in favor of beacon chain Casper which has seemingly just about finished the research part, with coding then to follow.
When this will be out is unclear, but potentially sometime next year, with the market so seemingly re-adjusting their pricing-in of Casper which before summer begun appeared to be imminent.
In addition, bitcoin ETF speculation led to some flight to bitcoin soon after Casper was delayed, but that speculation turned cold when one bitcoin ETF was fully rejected.
The sentiment in eth, however, has seemingly remained at a pretty terrible level, with Peter Brandt, an author of a book on trading, stating:
“I do not short cryptos, but if I did $ETHUSD would be high on my list if the daily chart pennant is completed.”
124 is the new 324, someone joked, but whether contrarian traders or TA followers get an upper hand, remains to be seen.
Making all this pretty similar to the sentiment in bitcoin during 2015 or so when bulls kept being crashed until finally they started gaining the upper hand around the end of that year.
Whether the same will apply to eth, remains to be seen, but a big decision is now to hopefully be made tomorrow regarding a reduction on issuance which might affect the price in fiat and in the ratio.