Seems like Goldman Sachs' prediction was correct; I would even go as far as to say there seems to be some market manipulation going on, because this is the second time Goldman Sachs called it very accurately. It wouldn't surprise me if institutions and banks like GS are dumping huge sums and pulling them out to manipulate the market. On the other hand, the BTC update on August 1st (by Bitcoin Core developers -- BIP 148) is probably giving people a scare because a lot of uncertainty surrounds BTC as the likelihood of a hardfork and a coin-split looms! However, they have said that the legacy BitCoin and the new one will work side-by-side, but many speculate the value of BTC can go up or down drastically following this. However, I personally believe we may see some fluctuation, but BTC will remain stable because it has become far too important and integrated to lose it's value completely at this point in time.
While BitCoin is tumbling and taking all crypto prices down with it, it seems Ethereum is swinging in a mess of its own, with its new updates coming up. At the time of writing, the price is down to about $195, with the likeliness of dropping further. The next support-line is at $160, but since people are selling more than buying, no one can predict how far down the price is going to fall. For investors, I'm sure they're finding the right point to buy more and hold. The recent "Flash Crash" on GDAX, the rumor that the co-founder of Ethereum was dead and the ICOs clogging the Ethereum network, all have contributed to the price to fall significantly last month which caused a lot of investors to lose interest and confidence in Ethereum. That being said, the tech behind Ether is solid, and I believe Ether will show signs of slow and steady revival after this term of rapid fall.
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Opportunity comes from two places Innovation or Failure. Things are changing and people are failing to see past the right now so they are selling like crazy. Good let them sell I'll buy all i can over the next 2 months and even longer if it goes that route.
Same here, I'm buying even right now. One man's loss is another man's opportunity :D!
I am more concerned about the long-term damage to Ethereum. All the recent ICOs may decide to collectively dump their ethereum on the market on any uptick. There surely is a bunch of ETH that would need to be cleared if that happens. It could turn into a real mess with ICOs dumping and future ICOs being shelved in a bear market which further skews the supply/demand equilibrium. It could take a while to sort out.
Not to trying to be overly negative, just realistic. Many other people would surely like to buy some more ETH at real firesale prices. I don't really know what my target price is at this point. Maybe sub $100 if it happens. Sorry if it sounds obnoxious.
I'm looking to buy at $150, though $80 could be a possibility too in the short-term if the downward trend continues, but more realistically speaking I believe it might go to around $169 before starting an upward trend. Right now, the furtherest it went down was to about $188. Interesting times! But then again, volatility is something that's been seen and known with cryptos! And I absolutely agree about what you said on the ICOs -- for them I believe they need to do things the "Apple APP Store" kinda way -- i.e. they need to strictly regulate the companies that are willing to do an ICO based on the legitimacy of the company, their idea, etc.