• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Will Ethereum Give In To Bears?

Anifowoshe Ibrahim by Anifowoshe Ibrahim
11 months ago
in Ethereum
Reading Time: 3 mins read
Advertisement

In 2022, ethereum has been in a bearish trend. It has dropped 40% year to date, far more than the average cryptocurrency. ETH has a long history of being one of the best-performing cryptocurrencies.

Since its introduction in 2016, it has largely outperformed Bitcoin, resulting in a narrowing of the market capitalization gap between the two coins. However, this year has deviated significantly from the long-term tendency. A key incentive to buy Ether has been removed from the market due to the waning of the NFT craze. ETH is now mostly used by traders, and demand for the cryptocurrency is far lower than it was late last year.

Ethereum Price Swings

The market has seen no apparent direction in the last 24 hours, as a consolidation between $2,500 support and $2,600 resistance continues. As a result, we can expect a follow-up push to either side after ETH/USD breaks to either side.

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

As a result, the Ethereum (ETH) blockchain continues to undergo significant changes. Santiment, an on-chain data source, revealed that the Ethereum (ETH) price has dropped to an eight-month low, which is welcome news for ETH investors. According to Santiment:

Ethereum is bouncing rapidly around the $2,560 level currently. In addition to the extremely tight #SP500 correlation it has right now (even more than Bitcoin), it’s also seeing 8-month low fees right now. $ETH last had fees below $4.10 in mid-July.

Ethereum

 Source: Santiment

Over the last 24 hours, the market has risen somewhat. As they both proceeded to consolidate, Bitcoin gained 0.38 and Ethereum gained 0.34. Price activity in the remainder of the market has been similar.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Related Reading | Where Ethereum and Bitcoin Headed After Musk’s Tweet

Investors See Upside

On Monday, March 14, Bill Barhydt, CEO of crypto exchange Arba, told CNBC that Ethereum has the potential to reach $30,000-$40,000.

Bill is becoming more enthusiastic as a result of the various use cases and advances in the Ethereum ecosystem. He said.

“Ethereum’s network effect is based on this idea that it could become the world’s computers. It’s being used for stablecoins, NFTs (non-fungible tokens), defi (decentralized finance) … and gaming now.”

By the middle of 2022, the Ethereum 2.0 update is projected to be operational. He believes that after the initial rush to stake, there may be a “sell-the-news effect.” However, he is optimistic that if the overall gas fee is reduced, ETH investors will benefit. Bill stated,

“If the gas fees and the transaction fees come down, which is the promise of the proof-of-stake, look out, because now all of the impediments of those network effects are taken out of the way. I think, you are talking potentially $30,000-$40,000 Ethereum”.

ethereum

ETH/USD trades close to $2,500. Source: TradingView

Whatever the rationale for Ethereum’s price remaining in the $2,500 range, there are no technical reasons for it to show any strength. ETH is below the 2022 Volume Point Of Control, continues below the bearish pennant, and is now below the 61.8 percent Fibonacci retracement of the all-time high to the trough of the strong bar on the weekly chart at $2,570, in addition to the Ideal Bearish Ichimoku Breakout confirmation.

The Ethereum price’s downside risks are most likely restricted to the $1,800 value level in June 2021 and July 2022.

Related Reading | Abra CEO Predicts Ethereum Could Reach $40,000 – But Some Fintech Analysts Don’t Agree

Featured image from Pixabay, chart from TradingView.com
Tags: Bill BarhydtETHethereum
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

ethereum

Ethereum Hovers Above $1,600, What’s The Next Move?

3 days ago
Grayscale Bitcoin Trust

Here’s What Might Have Triggered Ethereum’s Decline Below $1,600

4 days ago
Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

Number Of New Ethereum Validators Remains Flat Ahead Of Shanghai Upgrade

4 days ago
Ethereum Smart Contracts

Number of New Ethereum Smart Contracts Falls 60% in 2023

4 days ago
Ethereum

Ethereum Closes Near Its Next Profit Take Region As Bullish Momentum Continues

5 days ago
Vitalik Buterin Blockchain Ethereum Privacy

Vitalik Buterin Proposes A Privacy Fix for Ethereum

6 days ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Fantom (FTM) founder makes announcement as they complete 100% rally, Solana (SOL) development updates & Why investors are flocking to Snowfall Protocol (SNW)

January 29, 2023

Dogecoin (DOGE) and Axie Infinity (AXS) Don’t Offer The Same 1000x Potential As Snowfall Protocol (SNW) According To Market Analysts

January 29, 2023

Crypto Market News Live: Aptos Soars Another 60% This Week in A Continued Price Rally, PancakeSwap Burns $100m Worth Of CAKE, Snowfall Set to Moon After Exceptionally Successful Presale Campaign

January 29, 2023

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.