Ethereum Price Prediction – ETH Plummets 23%, Is It All Over for Crypto?
The crypto markets have been hit with yet another black swan event – the collapse of one of the largest crypto exchanges in the world, FTX.
Ethereum, along with the wider crypto markets, has shed a significant percentage of its value over the past few hours as recent events have transpired.
As rumors started bubbling online about FTX's potential liquidity problems, market participants have become increasingly spooked, as reflected in the widespread sell-offs. With Ethereum caught in the crosshairs, many participants are wondering whether it's all over for the crypto space. Read on to find out more.
Ethereum has seen a substantial decline in its price over the past 24 hours as spooked investors have been dumping their crypto holdings following the collapse of FTX Exchange.At the time of writing, ETH is trading at $1,162, down 23% on the day, with over $32 billion in trading volume.
Ethereum has seen a considerable uptick in its trading volume recently, perhaps due to investors panic-selling their crypto assets in fear of steeper declines.ETH is now trading below its 36, 50, and 200-day Moving Average, indicating strong selling momentum.The coin seems to be hurtling towards the major support at $1,000, which is a round, psychological level and one that has held well on several occasions before.With the potential Binance acquisition of FTX not yet decided, the general market consensus seems to be that lower prices are coming.
That said, however, the Relative Strength Index (blue) provides a positive light at the end of the tunnel. It currently sits at 32, which is borderline in the oversold territory. While it's difficult to say whether the selling is done, for now, there are indications that the worst may be over.It's
Read more on cryptonews.com
