Down Trend in the Crypto market – Ethereum
It’s another sad week for crypto hodlers as the market took a down movement from BTC to Ethereum and other crypto tokens. The prices of these tokens have been on the down path with some losing hope in the space and others proclaiming their continuous support for the blockchain. This article briefly describes the Ethereum coin and analysis relating to the token’s drop in price.
Disclaimer: Every opinion expressed in the course of this article is not investment advice, but for informational purposes alone. It doesn’t portray our opinion in any sense. Cryptocurrency is volatile, and hence the risk factor is high. Hence, conduct prior and proper research before any intended investments or decision-making.
Ethereum is one of the most influential cryptocurrency tokens on the Blockchain. Matter of fact is that the Ethereum token is the second most popular crypto, in Bitcoin happens to be first.
The project is founded by Vitalik Buterin and Gavin Wood. Current statistics show that Ethereum’s market cap holds over 17% of the total Cryptocurrency market globally, which sums up to $1.2 trillion.
Ethereum isn’t just another Cryptocurrency, unlike conventional crypto, Ethereum was designed to be a medium of exchange and a means of storing value. Furthermore, Ethereum is also a decentralized computing network that has the same structure as Blockchain tech, so it is safe to say the Ethereum Blockchain. This ledger technology allows companies to build new programs and Dapps (Decentralized Applications)
Ethereum has ETH as its token. Which was valued at $1966.7 as of May 13, 2022. Could it be that the technical analysts got this right with the prediction that: “Ethereum to reach $4,500 in 2022. With bearish estimates insinuating that Ethereum will go as low as $600 in the near term”
The second most popular cryptocurrency, collapsed way down to $1,423 on Sunday, June 12, 2022, on some exchanges, reaching an all-time low on March 1, 2021. The coin has gone down almost 13% in the last 24 hours.
This alone makes it ideal to say that ETH has fallen below its bull run peak of $1,440 in 2018. Under a more careful study, analysts predict that Ether is more likely to fall further as it fell into the double-digit territory during a previous bear market.
Surfacing data by other crypto analysts deduce that ETH is way below 18% compared to its realized price. Were realized price= $2,404. This deduction means that staking ETH leaves you with a loss of close to 40%
This downtrend has been attributed to fear of FED regulations and recession as not only the crypto space is witnessing this, but many have lost due to its movement.