- In the last 24 hours, the price of ETH has dropped 6.45 percent
- The market movement may show a bearish breakdown of a descending triangle pattern.
- Ethereum’s 24-hour trading volume is $17.49 billion, representing a 36 percent increase.
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If purchasers do not intervene quickly, the downward trend will result in a 15% market cap loss, putting Ether’s market value at $1400.
Resistance Levels: $1700 and $1900
Support Levels: $1500 and $1400
Inflation in the United States is at 7%, the highest level in 39 years. The Federal Reserve is poised to raise interest rates by reducing its current economic stimulus programs.
People are seeking safer investments due to their concerns about the omicron variant’s economic impact. With less money to operate, higher-risk assets like cryptocurrency have plummeted.
The falling triangle on the ETH/USD chart suggests a continued slump, with the bottom near $1700. The rise in selling pressure, on the other hand, generates a bearish candle that might close slightly below the mark. Furthermore, the increase in trading volume noted in the graph indicates a massive flood of sellers, potentially due to panic selling.
Also Read: Bitcoin Will Exceed a Million, Predicts Michael Saylor
Ethereum was the first programmable cryptocurrency to host more apps than any other network and has the most money invested in it. Despite its planned upgrade to ETH 2, Ethereum’s competitors may surpass it by 2023. However, it is losing market share due to high costs and a massive volume of visitors.