Claude Barde expressed, the price of gas on Ethereum increasing by 200-300% when the market goes down, it’s as if your bank would charge you 200% more in credit card fees on Black Friday or Christmas Even when everyone is outside buying stuff. Ethereum, slowly becoming worse than your greedy banker.
Technical analysts have to state that Ethereum has been moving downwards since it reached an all-time high on May 12. Technical indicators in multiple time-frames are bearish, supporting a continued fall in price.
Some propose a theory that someone has big put options right now on Bitcoin and Ethereum and have been using sell walls on FTX to suppress price. Big spot buyers but no one willing to market buy right now as they’re getting cheap prices. After options expiry I think we bounce.
Markets are showing HUGE spike in volume for Bitcoin and Ethereum. Just waiting on a retest of previous support lines OR candle closes below support as confirmation. If we can see the price get back above those important levels soon this could be the spring phase of Wyckoff.
The Ethereum price trend is also bearish as it continues to trend lower. Again, there are those long-term holder of ETH who will continue to hold. They are looking to accumulate more Ethereum. Those who like the dips are continuing to snatch the crypto at their favorite price. For many, the current price is which makes them drool for it.
The fact is that market corrections are not affecting Ethereum holders much as 75% of accounts will remain in profits, even if ETH price drops below 1000$ in the future.
Ethereum development is progressing nicely, with the London upgrade soon going live on the Ropsten testnet.
“The upgrade will first go live on Ropsten, at block 10499401, which is expected to happen around June 24, 2021. This upgrade follows Berlin, which was activated only a few months ago on the Ethereum mainnet. By starting the work on London while Berlin was being rolled out, client teams were able to release this network upgrade at record speed! The upgrade includes the following EIP-1559, EIP-3198, EIP-3529; EIP-3541, EIP-3554. The Ethereum Cat Herders have put out a blog post going over the details of these EIPs.”
Those who were trying to identify the reason for the fall have to state: Barry Silbert-led Digital Currency Group, which owns Grayscale Investments have announced their plans to purchase $50 million worth of shares of Grayscale Ethereum Classic Trust. It is important to note that ETC is often viewed as a rival to ETH and the DCG move might be fueling the bearish sentiments further.
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