Ethereum dropped to a value lower than yesterday’s peak, owing to inflationary concerns and uncertainty in China’s cryptocurrency market.
However, as the number of digital currencies has increased, the reason for their continuous drop could be due to the rising risks of hacking.
For many years, North Korean hackers have targeted cryptocurrency exchanges and used phishing scams to steal digital cash. Recently, these attacks have increased in frequency. This was thought to be one of the main causes of investor unease and cryptocurrency losses.
Fed governors Joshua Rosner, Lael Brainard, and Randal Quarles saw the decrease in bitcoin prices as a positive development in their formal speeches and reaffirmed that central banks would keep raising interest rates at a steady pace. The Fed has given off hints that it would soon adopt a more aggressive stance, which is consistent with forecasts for cryptocurrency. Additionally, it is thought to play a significant role in maintaining the current low level of the cryptocurrency market.
Today’s Ethereum Price
| DATE | ETC | USD |
|---|---|---|
| Today | 01 | $ 1,627.29 |
Ethereum Price Prediction
Ethereum currently has a price of $1,632 and a $8.7 billion 24-hour trading volume. Ethereum has dropped 2.5% in the last day. With a live market cap of $199 billion, CoinMarketCap is currently ranked #2.
It is anticipated that closing candles above this level will drive the price of ETH up to $1,725 or $1,725, as the ETH/USD pair has broken through a symmetrical triangle formation that had been extending resistance at $1,675.
On the other hand, a break below $1,620 might expose BTC to depths as low as $1,550.
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