The price of Ethereum, the second-largest cryptocurrency by market cap, took a steep dive today amidst a general selloff in the crypto market. This decline comes as a result of strong U.S. job data, which has caused investor sentiment to turn bearish due to fears of a hawkish stance by the Federal Reserve.
Despite this downturn, there are analysts who remain optimistic about Ethereum’s potential for a significant rebound. One such analyst, known as Mags (@thescalpingpro) on the X platform, predicts a 13% rally in the price of Ethereum. Mags compares the current price trend of Ethereum to historical patterns, suggesting that the cryptocurrency could experience a significant surge in value soon. According to Mags, Ethereum is currently forming a structure similar to a previous cycle that resulted in a 13% increase in price. If this trend continues, Ethereum could reach up to $4,200.
While some experts like Mags are bullish on Ethereum’s future, others are more cautious. A report from 10X Research warns that Ethereum has broken a critical support level of $3,725, raising concerns about potential liquidations of ETH holdings. Data from CoinGlass shows that significant liquidations have already occurred, with $59.61 million worth of Ethereum being liquidated in the past 24 hours.
Despite the contrasting views, optimism remains high over the potential approval of a U.S. Spot Ethereum ETF. Some market experts also see the recent price drop as a buying opportunity for investors. As of now, Ethereum’s price has fallen by 3.21% to $3,683.75, with trading volume increasing by 40.27% to $18.08 billion in the last 24 hours. The Ethereum Open Interest has also dropped by 0.95% to $16.54 billion, reflecting the current uncertain sentiment in the market. The Benefits of Regular Exercise
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