After a small glimpse of hope, Ethereum prices sink again and break their strong support lower. Most cryptocurrencies in the market lost an average of around 3%. However, Ethereum was among the top loser as prices dipped more than 8% in the past 24 hours. What to do now with Ethereum? Should you sell Ethereum or is there any sign of recovery, and if so, when to sell Ethereum? Let’s analyze in this Ethereum price prediction article.
Why is Ethereum a good crypto project?
What is Ethereum
Ethereum is a blockchain network that launched in 2015. Smart contracts were initially implemented on the Ethereum network. ETH is used to build decentralized apps (dApps). In truth, this blockchain is a pioneer in the fields of non-fungible tokens (NFTs) and decentralized finance (DeFi). For years, ETH has been the second most valuable cryptocurrency, trailing only Bitcoin in terms of market value. The Ethereum network’s native token is Ether.
Is Ethereum a good crypto project?
There has been a lot of debate in recent months about whether Ethereum has a future as a blockchain. This was mostly owing to the blockchain’s various shortcomings, which include high gas prices and occasionally slower transaction rates when compared to other recent blockchains.
Cardano, Solana, and Avalanche are new blockchains that offer benefits over Ethereum, particularly in terms of efficiency and transaction speed. This is mostly owing to the blockchain’s previous reliance on the proof-of-work consensus process. The blockchain is currently transitioning to a more efficient proof-of-stake consensus method.
Ethereum price Broke a major support
Many traders were waiting for Ether prices to rise as prices were hovering over the strong support price of $1,700. However, in the past 24 hours, Ethereum prices crashed by 8% lower and reached a current price of $1,606. This break is very alarming, as it potentially signals a further crash towards the next lower support price. As the entire crypto market turned bearish again, this might mean that the downtrend continues for all cryptocurrencies including Ethereum.
To confirm this bearish outlook, Bitcoin dropped also below $30,000 after managing to surpass it briefly. On the other hand, the crypto market’s price action tends to slow down on the weekend. That’s why we need to confirm further by Monday morning Asia time.
When to Sell Ethereum?
If you followed our previous articles, we stressed on the $1,750 price mark specifically for Ethereum. This represented a very strong support level. Breaking it lower means that prices are likely to continue going lower towards the next support area. If you managed to sell or short Ethereum, good job! However, it is important to note the next important price areas: