Ethereum prices fell below the central $ 3,000 support level as demand for the currency fell. Ether (ETH) hit its lowest level near $ 2,900 this morning before recovering. This ETH price is about 16% lower than its highest in April this year. As a result, market value has fallen to about $ 350 billion. In this guide we have detailed how to buy Ethereum.
Ethereum fusion delay
Ethereum prices have been falling over the past few days after developers decided to postpone the upgrade to ETH 2.0. It was originally scheduled for June this year, but has now been pushed back to the third quarter. It is still unclear whether the upgrade will take place in July, August or September. After the so-called Ethereum merger, the Ether coins blocked in the beacon chain are released again.
The postponement of the upgrade came after developers and community members took the time to better evaluate the beacon chain. They even made a shadow launch to measure performance and see how the nods react under the toughest conditions.
Ethereum prices are also falling, as the overall industry sentiment remains somewhat weak. For example, the price of Bitcoin has fallen below $ 40,000, while the total market value of all digital coins has fallen to around $ 1.9 trillion. A quick look at the statistics also reveals that the volume of all cryptocurrencies has been declining over the last few days.
Meanwhile, there are concerns about key industries such as decentralized finance (DeFi) and non-fungible tokens (NFT). The total value of locked tokens across all DeFi platforms on Ethereum has dropped to $ 115 billion.
At the same time, the NFT industry has shown some weakness. The buyer of Jack Dorsey’s first tweet, which paid $ 2.9 million for the past year, tried to resell it. But the price reached only a fraction of the original amount.
Ethereum Price Prediction
The daily chart shows that the ETH price has been in a strong downward trend over the past few days. He managed to move below the top of the rising canal, shown in blue. The currency has also fallen below the 25- and 50-day moving averages, while the MACD has dipped below the neutral zone.
Therefore, there is a chance that the Ethereum price will continue to fall as sellers aim for the bottom of the rising channel around $ 2,700.
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