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Ethereum holders are already cashing out, which is why the Ethereum price is plummeting.
Ethereum is one of the cryptocurrencies that have been plummeting in the past few days. By the time of writing this article, the Ethereum coin has dropped from the high of US$1.261 in less than a week to the current US$1,066.90. ETH has declined 6.7% in the past 24 hours. Ethereum’s current fall is driven by the hawkish Fed. Federal Reserve is expected to increase the interest rates during the July meeting. The hawkish meeting minutes are already out, and the ETH is responding to them. Crypto experts say that the Ethereum price might drop below US$1k if the bears control the market this week.
Ethereum holders are already cashing out, which is why the Ethereum price is plummeting. Ethereum selling pressure might grow even bigger as we near the mid-Month, and that’s why a sharp decline will see Ethereum trade below US$1k. According to crypto experts, Ethereum might hit US$750 this month, despite the Ethereum merge coming up this August.
Ethereum is continuing to show mixed signals on the network. As per Santiment, average transaction fees on Ethereum have dropped to US$0.88. This is the lowest value seen on the network since July 2020. Falling transaction fees on Ethereum are a result of the 75% price drop since November which has radically reduced utilization.
Based on reports, Ethereum was trading within the ‘ascending triangle’ pattern, which scared investors as the crypto was predicted and still has the chance to drop down to the US$900 resistance. Even announcements of the Merge upgrade failed to create excitement and anticipation in the crypto market. The volatility of the crypto market disabled the crypto from establishing the upgrade’s foothold and enhancing its prices. But ETH buyers are probably not worried about it anymore since Michael Saylor’s comments might help instigate some hope amid Ether investors.
Saylor’s opinion on Ethereum
In a recent interview with Altcoin Daily, Saylor was asked about his opinions about Bitcoin and Ethereum, where he seemed to suggest that only Ether seemed to have changed over the years. He continued to assert that the constant need for software upgrades on the ETH network has eventually turned it into a form of security. According to him, digital assets can serve as a commodity if they are backed by an entirely decentralized protocol where no third parties will have the capability to change it.
Over the years, since the launch of the ETH token, crypto has exponentially become much more popular as compared to other cryptocurrencies. One of the primary reasons why ETH has quickly gained momentum in price action is its liquidity. Besides, the volatility in the Ethereum marketplace sometimes actually indicates positive opportunities for smart investors who continue to identify the patterns and generate profits from their investments. Probably, due to these reasons, the Ethereum price struggled, but at least managed to stay afloat amid the chaos, more than Bitcoin could.
So, should you buy Ethereum right now?
While things are looking up for the Ethereum token right now, investors are still quite speculative about its prospects. If Ethereum successfully fulfills its goal to attain resistance of around US$1,500, then it might be quite easy for the crypto to embark on a bullish price rally. An uptrend price momentum in Ethereum might also trigger more investors to join the market and enhance the overall condition of the broader cryptocurrency market.