The price of Ethereum has dropped significantly in the past day, now only $1540, which is the lowest point since March 12, 2023. This decline is due to many people becoming increasingly pessimistic about the market, especially as FTX is about to undergo asset liquidation, which will inject approximately $192 million worth of Ethereum into the market
The price of Ethereum has dropped significantly in the past day, now only $1540, which is the lowest point since March 12, 2023. This decline is due to many people becoming increasingly pessimistic about the market, especially as FTX is about to undergo asset liquidation, which will inject approximately $192 million worth of Ethereum into the market. However, the expectation of Ethereum prices falling has been around for some time, especially after the cryptocurrency market rebounded and encountered some obstacles in the second half of the year.
According to market intelligence platform Santiment, Ethereum prices may continue to decline. They pointed out that the liquidity of Ethereum has decreased in recent days, which means that bears may have an advantage. This is consistent with the general observation that asset prices typically decrease when the lifespan of the US dollar shortens.
Many people had hoped that the price of Ethereum would rebound to over $2120 earlier this year, but due to the confirmation of the bearish trend in August, the price is likely to continue to decline. It is expected that the price of Ethereum may fall to the bear market low of around $1000 in 2022. However, Ethereum is the leader in smart contracts and the DeFi ecosystem, with a total value locked in over $20 billion, and may find some support around $1372.
If the weekly death crossover between Ethereum's 50 day moving average and 200 day moving average persists, it is expected that Ethereum's prices will continue to decline.
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