Friday, July 30, 2021

Ehtereum retraces to $170 after recording monthly high at $224, is $150 next?

The Takeaway:

After recording monthly high and crossing the $200 mark, Ethereum slumped down more than 33% in the last five days. In the last 24 hours, the crypto market lost more than $30 billion in value. Before retracing to $168, ETH had reached $224.

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This month Ethereum crossed over $200 mark which it had struggled to achieve from a long time. In the last three weeks, Ethereum surged from $168 to $224 before dropping to $170 again. Ethereum is not the only cryptocurrency that lost its value, in the last 24 hours bitcoin, xrp and other major coins suffered significantly.

As reported earlier, the rise in the price of ETH indicated towards price manipulation as the cryptocurrency broke all technical barriers without any resistance. Eric Conner, the co-founder of EthHub, informed that for the first time, Ethereum’s block gas limited passed 9 million and the network has 12.5 more capacity than the last week.

Even though the price of ETH has dropped significantly, the Ethereum network is showing increased usage. Earlier Bloomberg reported that the Ethereum network is “almost full” and developers are leaving the network. CSO of Blockstream, Samson Mow called the Ethereum a technological dead.

The recent fall in the price of bitcoin has affected other coins as well, and analysts have predicted that bitcoin might even slide further. Let us know in comments where do you think the price of ETH is heading and would it be able to recover irrespective of BTC price?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

William Botello
William Botello
William is a market research coordinator who believes that blockchain technology and cryptocurrencies can revolutionize the financial landscape. He completed his studies in Arts and Sciences from Arizona State University.

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