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Ethereum (ETH), along with the broader crypto market has experienced a sharp sell-off, amid the news of Iran-Israel war breaking out and regulatory concerns.
Will the crash continue or is it a buying opportunity?
In this article, we will discuss Ethereum next target, weekly analysis along with the news roundup.
For on-demand analysis of any cryptocurrency, join our Telegram channel.
Ethereum Next Target
Ethereum (ETH) is currently trading at $3,214.80 with a 24-hour trading volume of $18.98 billion and a market cap of $386.00 billion with approximately 120.07 million ETH tokens in circulation.
The crypto coin has rebounded after a sharp decline. Let’s have a look at the chart:
The price has breached below the lower boundary of the descending triangle pattern. With current trading activity placing it beneath the triangle’s structure, further downward movement can be anticipated.
Weekly Price Analysis
Over the past week ETH has fluctuated between a range between $2,910.78 (lowest) and $3,507.35 (highest).
The rebound was quick after the slight crash, which highlights the ongoing optimism and bull run in the broader crypto market.
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News Roundup
Here are some recent news highlights related to Ethereum:
- Crypto Market Crash:
- The crypto market experienced a sharp correction, with the global market cap dropping by more than 8% to a low of $2.38 trillion .
- Bitcoin (BTC) triggered the selloff, falling to $60,254 due to various factors, including Iran-Israel war, historical bitcoin halving patterns.
- Ethereum (ETH) also faced a 12% decline during this period.
- Market Sentiment and Regulatory Clarity:
- The crypto market has been affected by hotter-than-expected inflation, rising interest rates, and a drop in tech and growth stocks.
- The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Uniswap, adding to regulatory uncertainty.
Conclusion
Ethereum’s recent flash crash highlights the potential risks in the crypto space.
As always, conduct thorough research and consider your risk tolerance before making any investment decisions. Stay informed and navigate the crypto market wisely!
For on-demand analysis of any cryptocurrency, join our Telegram channel.
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