Ethereum's Woes Continue as Price Sinks to 9-Month Low

Ether (ETH) prices fell to a nine-month low on 5th December, extending losses suffered in recent weeks.

Dec 5, 2016 at 10:00 p.m. UTC
Updated Sep 11, 2021 at 12:44 p.m. UTC

screen-shot-2016-12-05-at-4-45-38-pm

Ether (ETH) prices fell to a nine-month low on 5th December, building on the losses suffered in recent weeks.

Ether, the digital asset used to power platform ethereum, reached $7, the lowest since 1st March, according to CoinMarketCap. The digital currency hit this price at 18:44 UTC, and then lingered at this price until rising to $7.01 at 19:01 UTC, CoinMarketCap data shows.

Ether prices quickly mounted a modest recovery, rising to $7.10 by 19:10 UTC.

Yet, ether experienced these price fluctuations amid modest volume, as 24-hour trading volume fluctuated between $13m and $14m when the digital currency lingered at $7.

The digital currency’s prices have been encountering headwinds as the ethereum platform has run into continued technical difficulties. Ethereum's developers have conducted three hard forks in four months, and the network unintentionally split late last month when two of the platform’s clients integrated different logic.

Sinking boat image via Shutterstock; Coinmarketcap

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.