Why is ETN dropping so fast?
It was at the top of a huge pump, no way it can go on forever without a massive correction. Also, there is no product because it has not launched yet. We are all waiting for the wallets, ETN has no real reason to rise yet.
You also have to look at pretty much every altcoin today, they are all suffering because BTC is rising, it will be bullish for some time. The past few months have been a very bad time for trading alts. We can expect more crashes throughout the alt market until Bitcoin has it's correction and stabilises again. Probably in 2018. Most people want to trade all their other coins for BTC because that is where the money is right now.
At the moment I am not too worried about ETN prices, as I don't have them until wallet launch.
But once it gets released, I will hodl at least for 6 months or so, I predict many people will sell ETNs just to make a little profit unti the market stabilizes and then ETN slowly will go up if they are going to do what was promised in the whitepaper.