Ethereum, the world\u2019s 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.\u00a0<\/p>\n
While many had high hopes for this upgrade, which promised to improve the network\u2019s speed and scalability, the market seems to have reacted negatively to the news.\u00a0<\/p>\n
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.<\/p>\n
At the time of writing, the price of Ethereum stands at $1,860.72 according to CoinMarketCap<\/a>, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%.\u00a0<\/p>\n 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.<\/p>\n In recent days, the cryptocurrency markets have been displaying signs of fragility<\/a>, 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.\u00a0<\/p>\n Against this backdrop, Ethereum has been experiencing a steady decline since Tuesday, a trend that has been mirrored in the wider cryptocurrency market.\u00a0<\/p>\n 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.<\/p>\n Despite a recent fall, the price of ETH experienced a false breakout<\/a> 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.<\/p>\n\n On a larger time frame, the situation for Ethereum remains bearish, with the bar on the verge of closing below yesterday\u2019s 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.<\/p>\n Looking ahead from a midterm perspective, Ethereum\u2019s price has retreated to the middle of a wide channel, with sellers taking control as the price remains below the crucial $2,000 mark.\u00a0<\/p>\n This indicates that the cryptocurrency may face continued pressure and struggle to regain its bullish momentum.<\/p>\n \u2013<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Ethereum, the world\u2019s 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.\u00a0<\/p>\n While many had high hopes for this upgrade, which promised to improve the network\u2019s speed and scalability, the market seems to have reacted negatively to the news.\u00a0<\/p>\n 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.<\/p>\n At the time of writing, the price of Ethereum stands at $1,860.72 according to CoinMarketCap<\/a>, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%.\u00a0<\/p>\n 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.<\/p>\nETH Price False Breakout Of Local Support Level: Potential Bounce-Back?<\/strong><\/h2>\n
Crypto Market Downturn Drags Ethereum Lower<\/strong><\/h2>\n