The cryptocurrency market has faced important developments in the last week. The decisions of the Federal Reserve (Fed) and ETF exits disrupted the balance of the market, and Ethereum (ETH), one of the largest altcoins, was also affected by this fluctuation. Analysis on the current price of Ethereum and its mobility in the market continues.
Market Performance of Ethereum
Despite positive developments such as updates and Layer2 solutions, the Ethereum price could not show the expected increase due to the negative effects on the ETF market. The price of ETH increased by 36.52% from February 22 to March 11, and the number of active addresses also increased significantly. However, there has been a loss of over $600 since mid-March.
Ethereum Price Predictions
If the short-term moving averages fall below the long-term averages, it indicates that volatility in the market may increase and the price may tend to fall in favor of the bears. If the expected negative scenario in the market occurs, it is predicted that the ETH price may suddenly drop to $ 3,000.
The main risk for ETH is seen as levels below $3,000, in which case declines to $2,700 or $2,500 could occur. It is stated that if Bitcoin (BTC) falls to $ 55,000, these declines may deepen further, but without a major correction, declines below $ 3,000 may remain short-lived.
