Ethereum
What’s Next for Ethereum (ETH) as Price Hoveres Around $3,000?
Ethereum and other altcoins have fallen to levels not seen in several weeks. This bearish outlook has also been recorded for Bitcoin (BTC) and other decentralized finances (Challenge) tokens. Ethereum price has pulled back, erasing the gains previously recorded this week. One of the main reasons for the market decline is the drop in sentiment, with many pointing to major market corrections.
The total cryptocurrency market fell to $2.11 trillion, a 4.8% drop in the last 24 hours. Meanwhile, several altcoins posted larger losses today, adding to the negative sentiment. The drop in ETH price also coincides with a drop in on-chain numbers and a transfer of assets to centralized exchanges, signaling potential sell-offs.
Ethereum Price Nears $3,000
This year, Ethereum and other crypto assets have reached new highs thanks to the approval of Bitcoin spot ETFs in the US. Despite previous price gains and institutional inflows, the recent selloff has bolstered sentiments. Ethereum is trading at $3,075, down 7% in the last 24 hours. Weekly losses have reached double digits at 11%, while monthly figures have crossed 19% into the red zone.
These outflows have triggered similar numbers in other altcoins. ETH’s market cap has plummeted to $367 billion while daily trading volume has surpassed $20 billion. This year, projections of sustained growth above $4,000 have been announced, but the price drop now suggests
ETH moving near $3,000. The fall in crypto assets could push prices lower, although many holders believe a rebound could be on the cards.
Altcoins are sinking
As most commentators believe, Ethereum price can rise due to positive dominant factors. ETF ETH can lead to a rise in the asset’s price. The recent drop has also affected altcoin prices, with Solana trading below $130 and $126 and Ripple falling over 8% in the last 24 hours. Toncoin and Cardano were also down today, with bigger numbers posted by meme coins.
Read also : End of the road for Meme Coins? Dogecoin suffers heavy losses
David is a financial news contributor with 4 years of experience in Blockchain technology and cryptocurrencies. He is interested in emerging technologies and has an eye for breaking news. Staying abreast of trends, David has reported on several niches including regulation, partnerships, crypto assets, stocks, NFTs, and more. Outside of financial markets, David enjoys cycling and horse riding.