The price of ether (ETH) fell below $8 for the first time since April today, dropping to its lowest total in almost seven months.
Overall, ether prices suffered slight fluctuations for the day’s trading, falling to as little as $7.88 at 08:34 UTC. The decline in price followed a spate of technical challenges for the ethereum network, which last week suffered an unexpected fork.
Problems began last week, when ethereum underwent its fourth planned hard fork this year, which was officially triggered on 22nd November. Technical challenges picked up shortly after, as Geth and Parity, two major ethereum clients, did not implement the same logic for the upgrade.
The result now appears to be there is a belief among traders and analysts that the decline below the $8 mark could be an important milestone.
Petar Zivkovski, director of operations for leveraged bitcoin trading platform Whaleclub, went so far as to argue that the platform may be entering a “crisis” in terms of perception.
Zivkovski told CoinDesk:
“Beyond the technical issues, ether is also displaying lackluster usage and a less than expected growth in their developer community.”
No long-term threat
But while Zivkovski pointed out the network’s technical problems, algorithmic trader Jacob Eliosoff put these difficulties in