I think your pricing is reasonable and quite good for the quality that I have seen your produce so far. Though, if you want my honest opinion though, since your portfolio is not really that big I personally feel more comfortable going to places like DP where I can run a contest for the same price and get multiple entries. This is just me though, and I don't mind waiting for things. I think you might have some more success attracting buyers if you offer your buyers 3 completely different styles to choose from, with revisions or offer some kind of money back guarantee where people don't pay unless they are 100% satisfied with your work. That way people aren't worried that they might not get something they like (something that worries me when it comes to a logo). Until you build a bigger portfolio you may have to bite the bullet for a bit and take lower prices, but over time if you are consistently producing high quality your product will sell itself. Produce really good quality and let the market dictate the price. If you aren't selling enough at your current range try some things (like I mentioned above), or drop it a little and see if demand goes up.
Where you would probably be more successful is going after offline business. Advertise on places like craigslist or in local papers. There you will be able to charge way more than just $40-$70. Also, try some sites like youngentrepreneur.com or sites that cater to people with websites, but aren't necessarily knowledgable of all the "sweat shop" type locations where you can get stuff for next to nothing.
I hope this helps!
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