What’s Next For Ethereum (ETH) as Price Hovers $3,000?
Release: 2024/07/05 10:54 Reading: 556
Ethereum and Altcoins Plummet to Lows
Ethereum and other altcoins have witnessed a sharp decline, reaching lows not seen in several weeks. This bearish trend has also affected Bitcoin (BTC) and decentralized finance (DeFi) tokens.
Ethereum's price has retreated, erasing recent gains. The market decline is attributed to a bearish sentiment, with many predicting major market corrections. The total cryptocurrency market capitalization has dropped to $2.11 trillion, representing a decline of 4.8% over the past 24 hours.
Several altcoins have experienced even more substantial losses, exacerbating the negative market sentiment. The dip in Ethereum's price coincides with decreased on-chain activity and asset transfers to centralized exchanges, indicating potential sell-offs.
Ethereum Nearing $3K
Earlier this year, Ethereum and other cryptocurrencies reached new highs following the approval of spot Bitcoin ETFs in the United States. Despite previous price gains and institutional investments, recent sell-offs have weakened market confidence.
Ethereum is currently trading at $3,075, a 7% drop over the past 24 hours. Weekly losses exceed 11%, while monthly losses reach over 19%.
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