Crypto markets have been hit by another black swan event: the collapse of one of the world’s largest crypto exchanges, FTX.
Ethereum, along with the broader crypto markets, has lost a significant percentage of its value in the past few hours as recent events have transpired.
As rumors began to surface online about FTX’s potential liquidity issues, market participants became increasingly spooked, as reflected in the widespread sell-offs. With Ethereum caught in the crosshairs, many participants are wondering if it is all over for the crypto space. Keep reading to know more.
Ethereum Price Prediction
Ethereum has seen a substantial decline in its price over the last 24 hours as frightened investors have been dumping their crypto assets following the crash of the FTX Exchange.
At the time of writing, ETH is trading at $1,162, down 23% on the day, with over $32 billion in trading volume.
Ethereum has seen a considerable increase in its trading volume recently, perhaps due to the panic of investors selling their crypto assets in fear of steeper declines.
ETH is now trading below its 36, 50, and 200-day moving averages, indicating strong selling momentum.
The coin appears to be hurtling towards the major support at $1,000, which is a round psychological level and one that has held up well on a number of occasions before.
Given that Binance’s possible acquisition of FTX has yet to be decided, the general market consensus seems to be that lower prices are on the way.
However, with that said, the Relative Strength Index (blue) provides a positive light at the end of the tunnel. It is currently at 32, which is on the edge of oversold territory. While it’s hard to say if the sale is done, for now there are signs that the worst may be over.
It is important to remember that cryptocurrency prices have seen such drops many times before. In 2018, Ethereum rose to $1,400 and fell back to $80 in the following months. The price of ETH then recovered and reached new all-time highs a few years later, indicating the resilience of solid projects.
While prices may drop in the short term, many experts believe that cryptocurrency prices will be much higher in the coming years.
Cryptocurrencies that offer faster profits
Ethereum is the second largest cryptocurrency in the world in terms of market capitalization, behind only Bitcoin. This means that it requires a significant amount of capital to achieve higher prices and earnings for current investors.
This is why many have started looking for alternatives, with pre-sales being a sector that has performed particularly well over the last year, despite the bear market.
Here are three new coins that are on pre-sale right now that could bring in good returns once they receive their first listings.
dash 2 trading
dash 2 trading (D2T) is a crypto analysis and intelligence platform for traders and investors. Think of it as a Bloomberg Terminal for crypto enthusiasts.
In just a few weeks, D2T has raised more than $5.7 milliondrawing the attention of crypto investors around the world.
With LBank is its first confirmed stock listingD2T has all the fundamentals to see significant gains in the future.
Visit Dash 2 Trade Now
IMPT
IMPT is a carbon credit marketplace where users can earn and trade NFT-based carbon offsets by shopping with a wide range of green retailers.
The IMPT presale already has raised over $12.5 million making it one of the hottest sells in crypto right now.
IMPT tokens are currently selling for $0.023, but this will increase and continue to increase in the next stages of the presale.
Visit IMPT now
calvaria
Calvaria (RIA) is a new play-to-win game that allows players to win and battle with NFT-based trading cards. What sets it apart from other blockchain-based games is that users can play it without having to hold any cryptocurrency, which could make it more accessible to a broader group of players.
The presale has raised over $1.6 million and is about to sell its fourth stage, with 1 USDT currently buying 40 RIA tokens.
Visit Calvaria now