Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Incentivised Posting / Shill => Topic started by: Coin_Gabbar on September 19, 2022, 01:24:48 PM
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The cryptocurrency market has plummeted in the last 24 hours. However, Ethereum prices are falling considerably faster than Bitcoin prices.
Ethereum has dropped about 10% in the last 24 hours and is currently trading at $1,303. More significantly, the slump does not appear to be coming to an end. ETH has dropped about 1% in the last hour.
According to Kevin Svenson, a significant crypto influencer and analyst, Ethereum price has failed to maintain vital support. If the price of ETH continues to fall, it may hit $1000.
Why Is Ethereum Dropping?
ETH completed a very successful merge. According to experts, the completion of such a large-scale software upgrade is remarkable. However, ETH prices have fallen since the merge. Many analysts believe that the merge is a "sell the news" event. Since the merge's results are long-term, the response may be unimpressive.
Experts also point out that the Ethereum merge was executed under the most adverse macroeconomic conditions possible. The August Consumer Price Index revealed higher-than-expected inflation. The Federal Reserve, which was already hawkish, grew even more hawkish. The market is also pricing in a 100 basis point interest rate hike. However, the Fed is anticipated to maintain its 75-bps rate hike.
Tesla CEO Elon Musk believes that another significant Fed hike will result in deflation. Cathie Woods of Ark Investments has the same contrarian view of the economy. Meanwhile, the World Bank predicts that the market will enter a recession next year. They believe the recession is the outcome of major economies' aggressive monetary policy.
FedEx has also warned of a recession as the decrease in demand accelerates.
When Will Ethereum Bounce Back?
The price of ETH and other cryptocurrencies will be determined by the next interest rate hike on September 21st. If the FOMC raises interest rates by another 75 basis points, the move is likely to be priced in. As a result, the markets may recover.
However, if the Fed opts for a hawkish 100 basis point hike, the market would certainly see a significant downturn.
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This is a very important and critical upgrade in crypto history and it's developers successfully implement the Eth marge but for the price i think its from miners that are not happy for the update , mining profits are almost getting negative after paying electricity,but its a very good opportunity for us to buy cheap ethereum coins if it breaks 1000$ then start buying from 900$ to 850$ .
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ETH merge has its pros and cons. After this merge happens, we still can't see the positive impacts. No significant impact on gas fees and also on transfer speed. People expect more on this ETH merge, people think the transfer speed to be improved, and the gas fees to be cheaper. However, I am sure this merge will make ETH to be more stable both in the future. This is a good decision done by ETH developers/teams.