The price of ETH has not lagged behind in the ongoing cryptocurrency downturn. Ethereum fell to a low of $1,136, its lowest level since July last year. The coin is down more than 27% from this year’s highs, causing year-on-year losses to exceed 60%.
Ethereum Could Benefit From FTX Crash
Ethereum Prices have had a strong bearish trend in the past few months as the cryptocurrency crashed. This week’s sell-off is the third biggest. started with the crash of FTX crypto exchange in the world.
Most cryptocurrencies have fallen as investors anticipate this could be the industry’s Lehman moment. As a result, many investors have exited their crypto positions.
Nevertheless, a closer look at the situation shows that Ethereum could indeed benefit from this crash. For one, over the past few months, we have seen a number of centralized exchanges (CEXs), including Voyager Digital, Celsius, Walled, and BlockFi.
Over the same period, most DeFi exchanges such as Uniswap, PancakeSwap and SushiSwap have continued to perform well. This is notable because Ethereum hosts some of the largest DEXs in the world such as Uniswap, Curve, SushiSwap, and dYdX among others.
Analysts believe that DEXs are superior to CEXs for a number of reasons. Firstly, they are open source in nature, which means that anyone can manipulate the code. Second, DEXs are transparent, meaning that anyone can track the flow of coins in their ecosystem.
Third, they are decentralized in nature, meaning that insiders do not have more significant powers than other DAO members.
Therefore, the DEX has the potential to flourish in the long term. And if that happens, Ethereum will benefit as it is the biggest player in the industry.
Nonetheless, for now, Ethereum and other crypto prices are likely to continue falling as concerns remain about the industry.
Ethereum Price Prediction
The daily chart shows that ETH price has been in a strong bearish trend over the past few months. The selloff intensified this week following the FTX collapse, as it managed to break below the crucial support at $1,236, which was the lowest level in October.
It has moved below the 25-day and 50-day moving averages, while the relative strength index (RSI) has moved below oversold levels. So, price of ethereum The decline is likely to continue as sellers target a key support level at $1,000.
how to buy ethereum
eToro offers a wide range of crypto/fiat and crypto/crypto pairs as well as crypto such as Bitcoin, XRP and others. eToro users can connect with, learn from, and copy or copy other users.
Buy ETH with eToro Today
Bitstamp is a leading cryptocurrency exchange that offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company offering users an intuitive interface, a high level of security for your digital assets, excellent customer support, and multiple withdrawal methods.
Buy ETH with Bitstamp Today