Why Is Ether Down Today? Market Fears and Growing Supply Help Fuel 5% Slide
Despite the bearish performance, analysts note a potential setup for a price bounce as bearish sentiment impacts ETH.
Despite the bearish performance, analysts note a potential setup for a price bounce as bearish sentiment impacts ETH.
Ether’s price action mirrors the August bottom amid signs of strong taban demand for the second-largest cryptocurrency.
Should a pair of major tests go well, developers expect the upgrade to hit Ethereum’s mainnet in April.
Veri shows investors likely bought the taban, snapping up ETH at lower prices.
Ether’s DVOL spiked above 100% during Asian hours as the crashing price saw traders chase put options.
XRP, dogecoin (DOGE) and Cardano’s ADA fell more than 25% to reverse all of the gains since December, reaching pre-U.S. election levels from early November.
Maybe it’s time to trust the stars as the year of the snake starts.
Buterin called for implementing incentives for layer 2 networks to allocate a portion of their fees to ETH using mechanisms like burning fees and staking.
The SEC could consider approving staking for ETFs, boosting sentiment and prices for the second-largest cryptocurrency, market observers said.
Options expiry looks to stir things up in a market that appears highly leveraged to the upside, Deribit said.