At the time of writing, Bitcoin is trading at $6443.20, while Ethereum (ETH) is priced at $219.54, according to www.coindesk.com.
The ETH price has remained volatile since the heavy bear market began in early September.
From the September 2 price of $295, the cryptocurrency lost over 40 percent of its value, to the low, $167 on September 12.
This has been interpreted as a failure by buyers to reverse losses made in the week ending September 9.
This bearish trend is echoed across the crypto market.
Some experts have interpreted Bitcoin tumbling under the $6,500 price level as a short to mid-term bearish signal, which belies key industry leaders’ anticipation that prices will increase in the next few months.
However, investors remain hopeful that bitcoin adoption could kick into high gear, owing to developments in the Lightning Network, which enables blockchain transactions.
This makes a layer on top of the blockchain, where smaller transactions can be passed back and forth before being added to the underlying one.
These fluctuations underline the volatility of cryptocurrencies and how unpredictable market trends are in general.
The tumultuous behaviour of the nascent crypto market may well continue into the foreseeable future, as the market continues to mature.
Fundstrat’s head of research, Tom Lee last week predicted ETH is set to see a “trend reversal and rally strongly” up to $1,900 per token by the end of 2018.
He added he “believes sentiment is currently overly negative on ETH,” and that threats to Ethereum include a “challenging technical picture”.
It comes as software foundry ConsenSys announced plans to invest $6.5 million on a blockchain start-up, DrumG Technologies.
The company’s sole investor Joseph Lubin said he was “excited to play a significant role in driving towards the generation of true business value via the deployment of enterprise blockchain networks”.
DrumG is already working on the Titanium network project of which Credit Suisse will become their first client.
Titanium network will rely on Ethereum security to provide banks with trading and valuation operations.