The cryptocurrency market is still stunned by last week\u2019s precipitous decline. In 10 days, Ether shed around 45 percent of its value.<\/p>\n
On the four-day chart, the Ethereum (ETH) price has now returned to the historical RSI low recorded in 2018 when the cryptocurrency traded at $81.<\/p>\n
On Saturday, ETH values fell below crucial levels and are currently trading in the triple digits as the recent crypto sell-off continued.<\/p>\n
According to data provided by Coingecko, as of the time of writing, ETH is trading at $1,008, a decrease of about 40 percent over the past week.<\/p>\n
Suggested Reading | Bitcoin Breaches $19K Level \u2013 Will Selloff Continue? What\u2019s The Next Bottom?<\/p>\n
Ether Drops To As Low As $997<\/p>\n
ETH is currently selling at $997.61 on Etherscan, a decrease of approximately 9 percent over the last 24 hours. The breach of this support level is expected to presage heavier losses for Ethereum.<\/p>\n
The bears are in complete control of the market, and there are no major buyers.\u00a0 In the bearish scenario, if sellers force the price below $900, the probable demand zone is between $700\u00a0and $900.\u00a0 Upon reaching this region, ETH may enter the accumulation phase.<\/p>\n
Currently, inflation, a wobbly stock market, rising interest rates, and worries of a recession are fueling negative sentiment on the stock and cryptocurrency markets.<\/p>\n\n
ETH total market cap at $122 billion on the daily chart | Source: TradingView.com
\nA Shot At $1,700 In A Bullish Scenario<\/p>\n
In a bullish situation, ETH will certainly approach $1,700 in static resistance. The ability to overcome this barrier depends on the purchasing power of the market.<\/p>\n
This eventuality seems unlikely given that the current macroeconomic climate has caused investors to view high-risk assets with skepticism.<\/p>\n
Recent reports indicate that Ether\u2019s developers have opted to delay the network\u2019s move to a proof-of-stake (PoS) consensus while the bear market persists.<\/p>\n
This improvement is anticipated to terminate the reliance on proof-of-work (PoW) mining and the Merge scalability solution, which has been in development for six years.<\/p>\n
Suggested Reading |\u00a0Bitcoin At $20K Could Be \u2018New Bottom,\u2019 Commodity Expert Suggests, And Here\u2019s Why<\/p>\n
Heavy Market Liquidation Pulls Down ETH<\/p>\n
The recent decline of ETH, the second-largest cryptocurrency, is due to the liquidation of a significant investment, possibly by Three Arrows Capital. The liquidation led to a substantial sum of ETH being unloaded on the open market.<\/p>\n
After the Federal Reserve raised interest rates by 75 basis points, the highest increase in the last three decades, the stock market inched up\u00a0Wednesday afternoon.<\/p>\n
According to Edward Moya, a senior market analyst at OANDA, the fact that the cryptocurrency market did not follow is \u201cworrying for some investors.\u201d<\/p>\n
Analysts estimate that Bitcoin and Ether can decline up to 85 percent during bear markets.<\/p>\n
Due to the impossibility of market prediction and timing, there is never an\u00a0\u201cideal\u201d time to buy in cryptocurrencies. However, according to analysts, now could be a good time to enter the market because prices are cheap.<\/p>\n
Featured image from Arch20, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The cryptocurrency market is still stunned by last week\u2019s precipitous decline. In 10 days, Ether shed around 45 percent of its value.<\/p>\n
On the four-day chart, the Ethereum (ETH) price has now returned to the historical RSI low recorded in 2018 when the cryptocurrency traded at $81.<\/p>\n
On Saturday, ETH values fell below crucial levels and are currently trading in the triple digits as the recent crypto sell-off continued.<\/p>\n
According to data provided by Coingecko, as of the time of writing, ETH is trading at $1,008, a decrease of about 40 percent over the past week.<\/p>\n
Suggested Reading | Bitcoin Breaches $19K Level \u2013 Will Selloff Continue? What\u2019s The Next Bottom?<\/p>\n
Ether Drops To As Low As $997<\/p>\n
ETH is currently selling at $997.61 on Etherscan, a decrease of approximately 9 percent over the last 24 hours. The breach of this support level is expected to presage heavier losses for Ethereum.<\/p>\n
The bears are in complete control of the market, and there are no major buyers.\u00a0 In the bearish scenario, if sellers force the price below $900, the probable demand zone is between $700\u00a0and $900.\u00a0 Upon reaching this region, ETH may enter the accumulation phase.<\/p>\n
Currently, inflation, a wobbly stock market, rising interest rates, and worries of a recession are fueling negative sentiment on the stock and cryptocurrency markets.<\/p>\n
ETH total market cap at $122 billion on the daily chart | Source: TradingView.com
\nA Shot At $1,700 In A Bullish Scenario<\/p>\n
In a bullish situation, ETH will certainly approach $1,700 in static resistance. The ability to overcome this barrier depends on the purchasing power of the market.<\/p>\n
This eventuality seems unlikely given that the current macroeconomic climate has caused investors to view high-risk assets with skepticism.<\/p>\n
Recent reports indicate that Ether\u2019s developers have opted to delay the network\u2019s move to a proof-of-stake (PoS) consensus while the bear market persists.<\/p>\n
This improvement is anticipated to terminate the reliance on proof-of-work (PoW) mining and the Merge scalability solution, which has been in development for six years.<\/p>\n
Suggested Reading |\u00a0Bitcoin At $20K Could Be \u2018New Bottom,\u2019 Commodity Expert Suggests, And Here\u2019s Why<\/p>\n
Heavy Market Liquidation Pulls Down ETH<\/p>\n
The recent decline of ETH, the second-largest cryptocurrency, is due to the liquidation of a significant investment, possibly by Three Arrows Capital. The liquidation led to a substantial sum of ETH being unloaded on the open market.<\/p>\n
After the Federal Reserve raised interest rates by 75 basis points, the highest increase in the last three decades, the stock market inched up\u00a0Wednesday afternoon.<\/p>\n
According to Edward Moya, a senior market analyst at OANDA, the fact that the cryptocurrency market did not follow is \u201cworrying for some investors.\u201d<\/p>\n
Analysts estimate that Bitcoin and Ether can decline up to 85 percent during bear markets.<\/p>\n
Due to the impossibility of market prediction and timing, there is never an\u00a0\u201cideal\u201d time to buy in cryptocurrencies. However, according to analysts, now could be a good time to enter the market because prices are cheap.<\/p>\n
Featured image from Arch20, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1523","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1523","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1523"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1523\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1523"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1523"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1523"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}