Ethereum (ETH) prices dipped further on Friday after a broader market weakness hurt investor sentiments. At the press time, the second biggest cryptocurrency by market cap, ETH was trading at $2,845.31, down 9.95% as compared to the same time last day.
In the past week, ETH has tanked 17.3% according to data from CoinMarketCap. This move reflects the deteriorated investor confidence, which in its real sense has failed to catch any bullish cue.
ETH Prices Tumble Nearly 10%
The second-largest cryptocurrency by market capitalization, Ethereum, saw significant losses on Friday, falling by double digits on a daily and weekly basis. Ethereum’s price fluctuations have been impacted by the general market decline, which reflects general sentiment and trade trends.
Recently, there have been noticeable decreases in the cryptocurrency market, with large price drops. Although past statistics had indicated that there might be gains in July after drops the month before, the market has not yet experienced such a comeback.
With a lack of bullish cues and macroeconomic instability, it is likely that ETH prices have been pressured in the past week. The main causes are panic selling in response to Mt. Gox repayment, government sales of Bitcoin, the Fed’s hawkish outlook, and the expiration of options.
ETH Price Prediction: Will It Rise In the Future?
Ethereum price has been in decline for a long time now. If the current trend continues, the price of ETH may drop 6.5% to retest its daily support level of $2,621 if it closes below its low point of $2,817. This bearish thesis is supported by the Relative Strength Index and the Awesome Oscillator on the daily chart, both of which are below their respective neutral levels of zero and fifty. This implies that momentum is in favor of bearish clues, which might cause the price of Ethereum to drop even more.
However, on the positive side, Ethereum may surpass Bitcoin if US-based spot Ether exchange-traded funds (ETFs) are introduced in the upcoming weeks. As creditors of the defunct exchange Mt. Gox receive their $8.5 billion back, selling pressure on Bitcoin will increase. In such a situation, altcoins might have a bullish run, giving ETH prices the much-needed rise that they need.
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