Ethereum (ETH) has seen a significant decline of over 30% in the past month, with an 8% drop in just the last 24 hours. This recent downtrend mirrors the broader struggles the cryptocurrency market has faced in the past two days.
Volatility Fueled by Market Trends
The market saw a brief surge following former President Donald Trump’s announcement of a U.S. Crypto Strategic Reserve on Sunday. Ethereum, along with Bitcoin (BTC), XRP, ADA, and Solana (SOL), saw a rapid increase in price, rising more than 25%. However, this upward momentum was short-lived, and Ethereum has since dropped back to pre-announcement levels.
As of now, Ethereum is trading at $2,115, with a market capitalization of $255.12 billion. The digital asset currently holds a 9.1% dominance in the total cryptocurrency market.
Increased Sell-offs and ETF Outflows
The recent decline has been exacerbated by increased selling pressure in the crypto market. Additionally, Ethereum’s exchange-traded fund (ETF) has experienced significant outflows, with over $335 million being withdrawn last week, according to data from Sosovalue.
Future Outlook: Analyst Predicts Major Gains
Despite Ethereum’s recent price drop and its position as one of the worst-performing cryptocurrencies in the past few years, several analysts are optimistic about its future. Popular YouTuber Crypto Rover is predicting that Ethereum could reach the $18,000 mark in the coming months, suggesting a substantial rebound for the cryptocurrency.
The market remains highly volatile, and while Ethereum continues to face challenges, some are still hopeful about its long-term potentia.
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