The price of ETH will continue to dwindle with the poor performance of ICOs at the moment and with ICO project teams dumping insane amounts of ETH on the exchange, not forgetting the scam projects as well. If ETH is going to experience any price gains, I think at this point it's only going to be drive by Bitcoin and the road to recovery will be long and rough
Most probably you are right. The only thing that could help buck the trend is ETH 2.0 but who knows when that will actually come to fruition. ETH like most alt-coins now is just dependent on bitcoin for a recovery. Once BTC starts to trend upwards people will also regain confidence in alts.
Poor performance of icos is cause of lack of the investors, people in crypto hold to many well known coins. Many icos will fail over time, just handful of them will survive and become more popular, lets be real world is still struggling to accept bitcoin, litecoin, monero, and other top coins, so many icos doesnt help in that, but some of them will survive. In long term both ethereum and bitcoin will rise in price, this is just a drop that was pretty much expected, it happened before and now its time for everyone to show faith and stay or to sell and leave.
Well the large issue is in what you said. So few of these coins that are on the erc20 platform actually have any use case, so ETH just pumps when ICOs are doing well but then there's no continued demand for them and thus for ETH.
The only thing that could help buck the trend is ETH 2.0 but who knows when that will actually come to fruition.
Not sure how much demand there is left for Ethereum with how authorities are cracking down on ICO's, and also, there are many more alternatives to choose from nowadays, and they are ready to adopt way more users and growth right now. It will take a looong time for Ethereum to be on par with other utility platforms based on the dev's trackrecord for delaying upgrades.
That I don't disagree on, yet ETH still remains the no 1 choice for ICOs. I think it's largely just about brand/reputation, people know they can rely on ETH and it's the one that's always mentioned.
Once BTC starts to trend upwards people will also regain confidence in alts.
People don't regain their confidence in altcoins, they just know that altcoins go up faster and well more than Bitcoin in terms of cold hard percentages.
There has to be some confidence for that to happen, I'm sure a lot of people buy just because they know the price will increase more than others, but that has to be piggybacking off people who do really feel like there's potential for those coins beyond a price increase.
