Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally
22 Abril 2023 - 1:49AM
NEWSBTC
Ethereum, the world’s second-largest cryptocurrency, has seen its
recent rally come to a screeching halt as Ethereum (ETH) has erased
all of its gains in the wake of the highly anticipated Shanghai
upgrade. While many had high hopes for this upgrade, which
promised to improve the network’s speed and scalability, the market
seems to have reacted negatively to the news. This sudden
drop in price has left investors wondering what the future holds
for Ethereum, and whether or not it can recover from this setback.
Crypto Market Downturn Drags Ethereum Lower At the time of writing,
the price of Ethereum stands at $1,860.72 according to
CoinMarketCap, but the past 24 hours have not been kind to the
cryptocurrency, as it has seen a slump of 4.05%. The past
week has been even more unforgiving, with Ethereum experiencing a
significant drop of 11.02%. The once high-flying cryptocurrency is
now left to wonder what caused this downturn and whether it can
regain its vigor in the days and weeks ahead. In recent days, the
cryptocurrency markets have been displaying signs of fragility,
largely due to anxieties about persistently high inflation,
fluctuations in the stock market, and the looming threat of an
economic recession, which have all contributed to dragging prices
downward. Against this backdrop, Ethereum has been
experiencing a steady decline since Tuesday, a trend that has been
mirrored in the wider cryptocurrency market. Bitcoin, for
instance, has suffered a drop of over 3% in the past 24 hours alone
and has fallen by more than 10% from its recent peak above $30,000,
currently trading at just around $27,346. ETH Price False Breakout
Of Local Support Level: Potential Bounce-Back? Despite a recent
fall, the price of ETH experienced a false breakout of the local
support level at $1,896. However, a daily closure far from the
$1,900 mark may trigger a bounce back toward the $1,920-$1,930 zone
tomorrow. Related Reading: Shiba Inu Gets Stuck In Price Range –
Will SHIB Break Free? Ethereum (ETH) market cap at $223 billion on
the daily chart at TradingView.com Related Reading: OKB Unfazed By
Crypto Market Bloodshed, Rallies 22% Today On a larger time frame,
the situation for Ethereum remains bearish, with the bar on the
verge of closing below yesterday’s low at $1,913.60. If this
happens, there is a high likelihood of further decline towards the
next significant support level at $1,846, a scenario that may play
out until the end of the week. Looking ahead from a midterm
perspective, Ethereum’s price has retreated to the middle of a wide
channel, with sellers taking control as the price remains below the
crucial $2,000 mark. This indicates that the cryptocurrency
may face continued pressure and struggle to regain its bullish
momentum. –
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