Article Summary
Ethereum (ETH) experienced a 4.3% drop in price, decreasing from $2,500 to $2,400, with $264.40 million in liquidations. This correction follows a successful monthly performance due to easing trade tensions and positive market developments. Ethereum co-founder Vitalik Buterin has proposed improvements to simplify node operations and maintain decentralization.
What This Means for You
- Stay updated on market news and price fluctuations.
- Be prepared for short-term corrections and consider their impact on long-term strategies.
- Be aware of Ethereum’s developments and its potential impact on user privacy and decentralization.
- Remain vigilant for further market movements and adapt accordingly.
Original Post
Ethereum (ETH) observed a 4.3% decrease in its value, dropping from $2,500 to $2,400, after a successful monthly performance. Increased liquidations, totaling $264.40 million, followed the sudden downturn, with long positions accounting for $205.28 million, according to CoinGlass. This correction surfaced in the midst of favorable market circumstances, which included recent trade agreements between the U.S. and U.K., along with ongoing trade negotiations with China. Amid these advancements, Ethereum’s co-founder, Vitalik Buterin, has introduced a noteworthy proposal highlighting the significance of streamlining node operations. The proposal also warns that overreliance on third-party access points can potentially weaken decentralization and user privacy.
At the moment, ETH is being traded at $2,566.
After finding support at $1,350, Ethereum’s price started to move upwards, consolidating between $1,775 and $1,875. Eventually, ETH prices broke above this range, resulting in a massive 97% surge from a recent low of $1,385 to $2,738. However, after experiencing profit booking, the price dropped by nearly 15%. Currently, ETH faces strong resistance around $2,850. The asset will need to break and close above this level with increased volumes to anticipate further increases targeting $3,000 and $3,350.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 2 | |
| $2,150 | $2,350 | ETH | $2,850 | $3,000 |
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Key Terms
- Ethereum (ETH)
- Trade Tensions
- node Operations
- Decentralization
- User Privacy
- Liquidations
- Profit Booking
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