Crypto markets have been hit by yet another catastrophic event. It is the collapse of FTXone of the largest crypto exchanges in the world.
In the last few hours, due to recent events, Ethereumas well as the largest crypto exchange, lost a significant percentage of their value.
As the rumors about FTX’s potential liquidity issues spread only on the web, panic seized many members of this platform. So they started a massive sale of their properties. Ethereum is the crypto that suffered the most from this widespread panic among FTX users. Therefore, many traders are wondering if it is all over for ETH and the cryptocurrency market as a whole. Read on to find out more.
Ethereum Price Prediction
Over the past 24 hours, Ethereum has seen a huge price reductionas panicked investors dumped their cryptocurrency holdings after the collapse of the FTX exchange platform.
At the time of writing this article, the‘ETH traded at $1,188.18down 3.93% on the day, with a trading volume of more than $39,592,548,521.
Ethereum has seen a huge uptick in trading volume recently, probably due to investors selling their crypto assets out of panic and fear of bigger declines.
ETH is currently trading below its 36-, 50- and 200-day moving averages, indicating strong selling momentum.
The crypto seems to be racing towards the major support of $1,000, which is a psychological reference level and a threshold that has remained stable on several occasions.
The potential acquisition of FTX by Binance undecided, the general market consensus seems to be ready for lower prices in the coming days.
That said, the Relative Strength Index (blue) provides some positive light at the end of the tunnel. It is currently sitting at 32, which is on the edge of the oversold zone. Admittedly it’s hard to say when the selling trend is over, but so far there are some signs that the worst may be over.
It is important to note that crypto prices have seen such declines many times before. In effect, in 2018, Ethereum increased to $1,400 which will return to 80 dollars in the following months. Afterwards, the price of ETH recovered and reached new highs of the past few years, showing the strength of the stable projects.
If the cryptocurrency prices may fall in the short term, although many experts believe it will be much higher in the coming years.
Cryptocurrencies that offer faster returns
Ethereum is the second largest cryptocurrency in the world in terms of market capitalization, behind Bitcoin. This means that it requires a large amount of capital to achieve a higher price and profit for existing investors.
That’s why many started looking for alternatives. So, despite the bear market, crypto pre-sales is a sector that has done very well in the past year.
Here are three new cryptos which is currently on presale and will provide good returns once they receive their first quotes.
Dash 2 Trade
Dash 2 Trade (D2T) a crypto analytics and intelligence platform for traders and investors. Think of it as a Bloomberg terminal for crypto enthusiasts.
In a few weeks, D2T increased more than $5.7 millionhas caught the attention of crypto investors around the world.
With LBank’s first confirmed stock market listing, D2T has what it takes to be profitable for years to come.
Discover the Dash 2 Trade project in the presale
taxes
taxes is a carbon credits market where users can earn and sell carbon credits in the form of NFTs by purchasing from eco-friendly traders.
IMPT presale raised over $12.5 million, making it one of the best cryptocurrency presales around.
IMPT tokens currently trading at $0.023, but it will go up and will continue to go up in the next stages of the presale.
Discover the IMPT project in presale
Calvary
Calvary (RIA) is a new play-to-earn game that allows players to earn and compete with NFT-based collectible cards. What sets this game apart from other blockchain-based games is that users can play it without having to hold cryptocurrencies, which makes it more accessible to more players.
The presale went up more than $1.6 million and the fourth leg is about to be completed. With 1 USDT you can participate in this presale and buy 40 RIA tokens.
Join the Calvaria presale