Bitcoin and Ethereum have been on a bearish trend for the better part of the week and this has resulted in massive selloffs. After reaching an ATH of $4300, ETH retreated after a sharp decline during the May market crash. DeFi developers have been pushing away from Ethereum to escape the high fees and even with the hard fork upgrade; the network is still lagging behind its competitors.
At the time of writing, Ethereum was trading at $2228.99, a 5% decline from what it was worth the previous day.
Ethereum Price Analysis
Ethereum has been leading other altcoins in a sharp decline in value. In the past month, ETH has been trading at nearly 50% below what it was trading for in May. ETH is currently at a critical level of $2228, and if breaks to even lower levels, it will be a sharp downward fall for the token
ETH is expected to continue finding support at its current value. The token may go up to test the support level of 2400. However, this depends on the support the token gains from the entire cryptocurrency market. The coin may still go lower to retest a lower boundary support level of 2000, and if this happens, a drastic decline may be witnessed.
While ETH coins have been on a bearish trend, the Ethereum network has also not been left behind in lacking popularity. One of Ethereum’s main competitors is Cardano, which is also known as the Ethereum Killer. Others include Solana, Polygon and Polkadot. What is making these networks superior to ETH is because they offer high transaction throughputs and lower gas fees.
However, Ethereum has another solution that it expects to implement soon and this may help in salvaging the value of the token. The London Hard fork upgrade is expected to reduce the supply of Ethereum tokens, which may help to stabilize the value. The upgrade is expected to happen on a schedule, and it will be incorporated on the Blockchain’s test networks.
Where to Buy ETH
To buy ETH, create an account on any of these exchanges:
Binance cryptocurrency exchange – They operate the worlds biggest bitcoin exchange and altcoin crypto exchange in the world by volume Exchange Blockchain and crypto asset exchange
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