Ethereum Price Drops 1% as Crypto Market Faces Uncertainty

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Ethereum price drops 1% due to crypto market uncertainty: Holesky testnet launch delayed

 Crypto News: Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has witnessed a modest fall in the last 24 hours, owing to a volatile and unpredictable global market. According to CoinGecko, ETH is presently trading at roughly US$3393, down 1% from yesterday, with a market value of US$407.6 billion. Meanwhile, ETH trading volume decreased by 36.20% to US$24.16 billion.

Latest Ethereum News

Ethereum, the second-largest cryptocurrency by market capitalization, has suffered a modest decline in price over the last 24 hours, as the crypto market remains unsettled owing to macroeconomic issues. However, Ethereum has certain favorable events that may improve its long-term prospects.

One of the most significant milestones for Ethereum was the successful completion of the Merge, which transitioned the network from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus mechanism. This shift improved Ethereum’s security, scalability, and sustainability, as well as introduced a deflationary mechanism for ETH that limits its supply while increasing its value over time.

Another encouraging development for Ethereum was the revelation that Arianee, a luxury brand protocol, will create a new layer 2 based on Polygon, an Ethereum scaling solution. Arianee employs digital product passports (DPPs) and engagement tokens to provide a distinct and verifiable identity for premium items, as well as to reward customers and businesses for their interactions.

Ethereum is also the most popular platform for decentralized apps (DApps), smart contracts, and decentralized finance (DeFi), with a significant market share and network impact. Ethereum has a devoted and active community of developers, users, and advocates who are continually developing and upgrading the platform.

Price Analysis of Ethereum

Vertical bars in bar charts reflect each period’s high, low, open, and close prices. Simple moving averages (SMAs) are calculated by averaging a security’s closing prices over a set period.

The exponential moving average (EMA) prioritizes recent prices, making it more sensitive to fresh information. Both forms of moving averages aid in trend detection by smoothing out price swings. Support levels are price marks where purchasing demand is likely to outweigh selling pressure, leading the price to rebound upward. However, resistance levels are price positions at which selling pressure is projected to outweigh purchasing demand. This causes the price to fall lower.

Ethereum Price Outlook

Changelly predicts that by 2025, the minimum price of Ethereum will be about US$7,036. The highest predicted ETH price might be approximately US$8,397. The average trade price in 2025 might be US$7,284.

Coincodex predicts an Ethereum price range of US$3,262.55 to US$6,708.73 in 2025. If Ethereum meets the highest price objective, it may increase by 98.14% from its current price by 2025.

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