Ethereum slowly dropping to 1,000 USD

Ethereum picked its speed and dropped below $1,150 per US dollar. If it drops below the thousand dollar threshold it would be possible that it will lose its value even more. At the moment Ethereum rests in between 1,200 and 1,150 dollars marks. It is experiencing a new slump. At the moment it s going down an hourly moving average of a hundred hours.

Ethereum resilience with the US dollar seems to be short-lived. Some investors and economists think its resistance is close to 1,145 American dollars. If there is closing below 1,000 dollars the ETH/USD pair may continue to fall.

ETH is currently on the road to reaching the negative zone after failing to maintain its position above 1,200 USD. ETH, crossing the 1,150 support region on a negative trend will defiantly be a problem for traders and crypto enthusiasts.

 

Ethereum Price keeps going down

Near $1,200 is the next significant barrier, above which the price may strengthen. In the aforementioned scenario, the price may increase toward the $1,280 resistance region. Ethereum may keep falling if it is unable to overcome the $1,150 level. Near the $1,085 region is the first area of support on the downside. The $1,050 area serves as the next significant support.

This is not a particular surprise. We do know that the prices of other cryptocurrencies like bitcoin and dogecoin have been going down too. We have to remember the fact that the price of ETH had its low level of 900 dollars just last month. The inflation that has been happening is playing an important role in all of this commotion around cryptocurrencies. Both Ethereum and Bitcoin have been extremely volatile for a couple of months now.

This year Ethereum has been lagging behind bitcoin. Analysts believe this may be a result of growing interest in the network’s switch from proof-of-work to proof-of-stake. There is a huge interest in the Ethereum 2.0 concept. Proof of stake (PoS) mining is currently replacing proof of work (PoW) mining on the Ethereum network. Undoubtedly, this will speed up the blockchain, make it consume less energy, and charge customers less for transactions.

However, according to statistics, ETH has lost more than 70% of its value while bitcoin is down roughly 55% year to date. Therefore Ethereum Price declines may be possible if the downside breaks below the $1,050 support level. In the described scenario, the cost might decrease to around $1,000. Any further losses below the $1,000 mark would possibly pave the way for a swift fall.
Price declines may be possible if the downside breaks below the $1,050 support level. In the described scenario, the cost might decrease to around $1,000. Any further losses below the $1,000 mark would possibly pave the way for a swift fall.