Since FTX announced on November 11 that it would be filing for bankruptcy, the cryptocurrency industry has been ablaze, and not in a good way. Since the collapse of FTX, the price of cryptocurrencies has been extremely volatile. FTX was once one of the largest and most rapidly expanding cryptocurrency exchanges in the world.
Prior to the saga surrounding FTX, the price of Ethereum had reached back above $1,700, but after that it experienced a precipitous decline due to the bankruptcy. At the moment, the value of the digital currency is having trouble rising higher than $1,300. Earlier in the week, it reached that price point, but it only stayed there for a very short period of time. As of Friday afternoon, the token’s price had not moved from the $1,200 range.
According to CoinMarketCap data, the price of Ethereum is currently in the hands of bears, who have dominated the market in the last 24 hours. ETH prices are down by 1.96%, which is a huge decrease for the investors. This makes investors tremble with fear, leading to some of them withdrawing from the market.
The RSI indicator on the ETH price chart over the past 24 hours is pointing to a bearish trend as it drops below the signal line. The bearish trend may therefore persist in the coming hours. The next few hours of trading may be good for the market because the RSI line has a reading of 48.53 and is pointing up. This shows that the bulls are trying to fix the market.
The MACD indicator is pointing upward, which indicates that the bulls might soon be the kings in the market and that a bullish sentiment might be expected in the short run. Investors should remain optimistic in light of this development because it suggests that a bullish sentiment might be expected in the near future. This is further supported by the fact that the trajectory histogram has formed in positive territory, indicating a bullish run in the near future.
When making decisions regarding investments with a long-term horizon, financial specialists advise keeping an eye on the big picture while ignoring fluctuations that occur over shorter time periods. In spite of the recent price reduction, Ether continues to be highly volatile.
For the price of Ether to keep going up over the long term, investors will need to see evidence of increased demand and functionality. This is true regardless of what happens in the immediate future. While the Ethereum development team works to transition to its second-generation updates, the blockchain now faces significant competition from other platforms that are filling in the gaps left by the blockchain.
Since it is anticipated that the bullish strength will continue in Ethereum’s price in the coming years, investors should maintain a positive attitude and hope for prices of ETH that are higher. The recent drop in the price of Ethereum makes the current moment an excellent opportunity for investors to make purchases of digital currency.
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