Mathisen Marketing

Your Marketing Blog

Ethereum Might See Further 31% Drop in This Event: Details

Ethereum Might See Further 31% Drop in This Event: Details

As an affiliate, we may earn from qualifying purchases. We get commissions for purchases made through links on this website.

Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Ethereum led the digital asset lower after its historic “Merge” update was dismissed as “sell news” by some market analysts.

The second-largest cryptocurrency by market capitalization was down 7.36% at $1,473 at press time, marking its biggest daily loss since August 26. The largest cryptocurrency, Bitcoin (BTC), was only down about 1.63% on the day.

According to a cryptanalyst Willy Woosignificant amounts of ETH entered the exchange prior to the Merge event – often taken as a sign that holders are preparing to unload.

Data from the cryptocurrency futures market reveals that many investors appear to have closed hedged positions in the hours following the Merger, indicating that they tied contracts they had entered into over the previous month or the past few weeks to speculate on the event’s potential outcomes. The hype surrounding the merger is now over, but Ethereum now needs another short-term catalyst.

Advertisements

Ethereum threatens to drop another 31 percent

According to a crypto analyst Ali MartinezEthereum could risk a further drop to $1,000, representing a 31% decline from current prices, should a decisive break below the $1,460 support occur.

Before the merger, Glassnode reported that the move back in futures and options since September indicated that a “sell news” assumption was in play before the event. On-chain analytics firm Glassnode also highlighted the fact that futures traders were pricing ETH at a discount after the Unification and were willing to pay a premium for protection. This is based on relatively lower demand for ETH exposure via options after the Merge event.

The prices of cryptocurrencies have fallen this year, along with the prices of other risky investments, as a result of the tighter monetary policy implemented to combat excessive inflation. However, the merger is believed to be a long-term driver for Ether as it strengthens Ethereum’s environmental image.



Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase

Source link

Leave a Reply

Your email address will not be published.

Latest Posts

  • Celsius CEO Alex Mashinsky resigns; CEL tanks

    Celsius CEO Alex Mashinsky resigns; CEL tanks

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Celsius Network CEO Alex Mashinsky resigned from the struggling crypto lender on September 17. According to a September 27 press release, Mashinky said he was stepping down to focus on a plan that would provide the best outcome for creditors. […]

    Read More

  • Crypto lender Nexo acquires stake in US bank

    Crypto lender Nexo acquires stake in US bank

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase Nexo has reportedly bought a stake in Hulett Bancorp (DBA Mode Eleven), the bank that owns Summit National Bank. The agreement with the US bank allows Nexo to continue serving its US customers in a regulated environment. Nexo, a leading […]

    Read More

  • Blockchain-led public finance system can be critical in fraud prevention: Report

    Blockchain-led public finance system can be critical in fraud prevention: Report

    Receive $10 in Bitcoin when you buy or sell $100 or more on Coinbase! https://mathisenmarketing.com/coinbase In a report released earlier today, the Official Monetary and Financial Institutions Forum (OMFIF) has suggested that using blockchain technology to develop public financial management systems can be very beneficial for countries. The organization is an independent global central banking […]

    Read More