As the most popular cryptocurrencies continue to lose a lot of value, the cryptocurrency market as a whole may end the week in the red. In the last day and a half, the market for cryptocurrencies has gone down by less than 1 percent. The market has lost hundreds of billions of dollars since the beginning of the week, and it looks like it will keep falling until the end of the week. If you want to know more visit https://bitcoin-storm.app/ to check the status of the cryptocurrency market.
Over the weekend, the price of Ethereum fell below $1,000 as worries about a recession, a volatile stock market, and rising inflation grew. Since then, it has been getting better. As of Thursday, Ethereum was worth more than $1,000.
The price of ether has been very unstable over the past few weeks. This is because, as a whole, the market has been moving away from risky assets. Both the stock market and the cryptocurrency market went down a lot after important inflation data didn’t meet expectations and the Federal Reserve raised interest rates by 0.75 percentage points. Last week was the first week that the S&P 500 was in a bear market.
On Ethereum’s Ropsten network, a test merge just happened. This was a step that had to be taken before the big software update later this summer. Investors and developers call its update “the Merge,” and it will change how transactions are set up on Ethereum.
This will make Ethereum more useful and stable so that more people can use it. But until that happens, people in the business world are watching how investors and businesses that build technology on Ethereum’s platform react to the changes.
What should people who put their money into Ethereum?
Financial experts say that when making long-term investments, you shouldn’t pay attention to the highs and lows of the market. Even though the price of Ethereum has reached an all-time high, this doesn’t mean that it is no longer a volatile cryptocurrency.
If you own these currencies, the real question is whether or not they will continue to grow in both an exponential and a compounded way. Jeremy Schnieder is the person in charge of the Personal Finance Club. He knows a lot about investing. He says, “The basics of cryptocurrencies don’t show me that the answer is yes.”
If you’ve already done all of these things, the best thing you can do is to ignore the fuss that comes with new record highs or lows. The best thing to do is this. Humphrey Yang, the man behind Humphrey Talks and Humphrey Talks, has told NextAdvisor that the best thing you can do with traditional and long-term investments is to “set it and forget it.”
The value of the market as a whole has dropped by more than 65 percent from its all-time high of $3 trillion to its current level of $900 billion.
In the last 24 hours, the price of a single Bitcoin has gone down by less than 1 percent, and each coin is now worth more than $20,000. Seven months ago, the most well-known cryptocurrency hit an all-time high price of $69k, but now it’s hard for it to keep its price above $20k.
Ether’s poor performance can’t be put down to just one thing. Instead, it could be because the cryptocurrency market as a whole is going down. If the current trend continues, it may be hard for the price of ETH to stay above $1,000 in the next few days and weeks.
Keep an eye out for these important layers
Because Ethereum has been doing badly over the past few days, the ETH/USD 4-hour chart is now showing a bearish signal. According to technical analysis, the bears are in charge of the market right now.
The fact that the MACD line is below the neutral zone shows that bearish momentum is growing. The 14-day relative strength index (RSI) reading of 35 shows that Ether may soon reach the oversold area if the market stays the same.
If the bears keep their grip, the price of Ether could drop below the first important resistance level, which is at $1,088. This might happen by the end of the day. If the losses keep coming, the price of ETH could fall below $1,000 for the first time this year.