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Ethereum fell a whopping 12% in the last 7 days and had to give up all the gains made after the “Shanghai” upgrade. However, popular analysts are convinced that the rally will continue.
Ethereum: The price fell -12%
Like the Merge, Shanghai’s upgrade has not lived up to expectations. Many had high hopes for the update, but the market is not keeping up.
Currently (as of this writing), Ethereum is trading at $1,850 according to CoinMarketCap – the last 24 hours have not been kind to the smart contract platform. On a weekly basis, Ethereum is even down -12%.
Due to the sudden price drop, many investors are wondering: What does the future hold for Ethereum? Can the base be recovered from this return?
The question now is what caused this downturn for the once-rising cryptocurrency — and whether it can regain strength in the coming days and weeks.
The downturn is not limited to ETH, however: the entire crypto market has been falling for the past few days, mainly due to fears of continued high inflation, stock market volatility, and the impending economic recession.
For example, Bitcoin is down over 3% in the last 24 hours alone and is down over 10% since its recent high of over $30,000. The result: BTC is currently trading at just below $27,270.
How low can ETH go now?
A daily close well below $1,900 could trigger a rebound towards the $1,920-$1,930 area tomorrow.
The main fake trader “el_crypto_prof”, for example, believes that this will happen. It emphasizes that:
“$ETH creates a textbook Adam & Eve pattern.
Remember when I presented this pattern in January when #Bitcoin was at $17,000 […]. You know what happened next.
I’m sorry but I can’t take you seriously if you’re bearish.
It’s just a test!🎯.”
Remember, when I presented this pattern in January, when #Bitcoin what for $17,000? (see next tweet).
You know what happened next.
I’m sorry, but I can’t take you seriously when you’re bearish.
It’s just a test! 🎯 pic.twitter.com/xkLIOXajll
— 𝕄𝕦𝕣𝕚𝕚𝕚𝕒𝕚𝕒𝕚𝕖𝕖 🧲 (@el_crypto_prof) April 20, 2023
However, if Ethereum closes below $1,913, a decline towards the next key support at $1,846 is at risk, a scenario that could drag on until the end of the week.
In the medium term, Ethereum price has retreated to the middle of a wide channel. Here, the sellers have taken control as the price remains below the critical $2,000 level.
Should you buy Ethereum now?
Buying Ethereum may be worthwhile if the asset recovers. Buying Ethereum with PayPal is a convenient option in this case. Those who are a little more risk-averse could look at the new meme coin Love Hate Inu (LHINU), which is predicted to have strong risk-reward potential. Exciting: Love Hate Inu is trying to reinvent meme bases and offers users a so-called vote-to-earn functionality. Love Hate Inu users can vote on all kinds of content and personalities and earn rewards in the form of cryptocurrency. In the current presale, 1 LHINU currently costs 0.000125 USDT, in 12 days the price will increase to 0.000135 USDT.
Text credit: Newsbtc
Last updated on April 22, 2023
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Cryptocurrencies are a highly volatile, unregulated investment product. Your capital is at risk.