It looks like the slide in Ethereum (ETH) prices is a bit more long-term than we expected. As we reported earlier this week, Ethereum had been on a bit of a slide for the past few weeks, briefly dipping below the $200 mark before slowly recovering. However, as we are closing out the work week, we see that Ethereum is once again falling. It has fallen over $17 in the past 24 hours, falling down to just $184.64 as of this writing.
Many analysts have stated that Ethereum was due for a price correction, considering its meteoric rise since January of this year. At the start of 2017, ETH was a relative bargain at $8. By June, however, prices had soared to nearly $400, before gradually falling back to today’s sub-$200 territory.
Trading today has been extremely volatile, starting off the session at around the $230 point, before heading on a downward trajectory. However, today’s activity is still not as much of a rollercoaster as the “flash crash” that occurred on June 21st. On that date, ETH tumbled from $296 to just $0.10 within minutes before recovering.
"Our initial investigations show no indication of wrongdoing or account takeovers. We understand this event can be frustrating for our customers," stated Adam White, vice president of GDAX, in a blog posting at the time. “Our matching engine operated as intended throughout this event and trading with advanced features like margin always carries inherent risk.”
With Ethereum well into its correction phase, some analysts say that it was bound to happen considering the activity we’ve seen so far, this year. "Anything that goes up that far, that fast has to have some sort of correction," said eToro analyst Mati Greenspan. Those comments echo similar commentary from billionaire investor Mark Cuban in early June:
Despite this currently volatility, let’s not shed too many tears for miners that got in early on the cryptocurrency “gold rush”. Even at today’s deflated values, Ethereum is still up $2,175 percent since January.