The price of Ethereum (ETH) has just dropped below the threshold of 3,700 USD, currently trading at 3,698.61 USD/coin, down nearly 3% for the day.
Market information indicates that ETH is undergoing a significant price correction, reflecting the volatility of the cryptocurrency market recently.
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ETH has dropped below 3,700 USD, currently trading at 3,698.61 USD/coin.
The daily decrease reached 2.93%, indicating strong selling pressure.
This development reflects the sensitivity of the cryptocurrency market to macroeconomic and technical factors.
What is the current price of Ethereum and how does it change throughout the day?
According to the latest data from OKX on July 22, Ethereum is trading at 3,698.61 USD, down 2.93% from the beginning of the day. This is a low below the important threshold of 3,700 USD, indicating that selling pressure is dominating the market.
Cryptocurrency market expert Phạm Văn Bình said: "The price of ETH is declining in the context of significant selling pressure, and this movement needs to be monitored to forecast short- and medium-term trends." (Phạm Văn Bình, Financial Analysis Expert, 2024).
Why has the price of Ethereum been trending down recently?
The price fluctuations of Ethereum are influenced by many factors, including selling pressure from large investors and unfavorable macroeconomic signals. Market reports also note an increase in concerns about global monetary policy, negatively impacting the flow of investment into risky assets like cryptocurrency.
The cryptocurrency market in general and Ethereum in particular are facing significant selling pressure as investors attempt to take profits or mitigate risks in an unstable economic environment.
Nguyễn Thanh Duy, CEO of a digital asset investment company, 7/2024
In particular, on-chain data shows that many ETH have been transferred from cold wallets to hot wallets, indicating a potential increase in trading activity in the market, leading to a faster price decline.
How might the decline in ETH price affect the cryptocurrency market in general?
Essentially, it is one of the largest cryptocurrencies by market capitalization, and the price volatility of ETH often has a ripple effect on many altcoins and the overall market. When ETH drops, investor sentiment may become more cautious, limiting the new capital flowing into the market.
According to data from the 2024 Market Watch report, each time ETH drops more than 2% in a day, it typically creates a short-term effect causing the total market capitalization of cryptocurrencies to decline by 4 to 7%.
Ethereum plays a pivotal role in the cryptocurrency ecosystem, so the price volatility of this coin often has a strong impact on the overall market trend.
Trần Hữu Thành, Director of Crypto Insights Research, 6/2024
A comparison table of ETH and Bitcoin price fluctuations in July 2024
Cryptocurrency Price at the beginning of the month (USD) Price at the end of the month (USD) Volatility (%) Ethereum (ETH) 3,850 3,698.61 -3.91% Bitcoin (BTC) 29,000 28,500 -1.72%
Frequently Asked Questions
Is the current price of Ethereum worth investing in?
Based on market analysis and trends in 2024, investing in ETH needs to consider a long-term strategy combined with professional risk management.
What causes the price of ETH to fluctuate significantly in July 2024?
Macroeconomic events, global monetary policy, and trading activities from ETH whales are the main causes leading to strong price fluctuations.
What impact does the decrease in ETH price have on altcoins?
A decline in ETH often puts significant pressure on most altcoins due to psychological effects and the overall market capitalization decline.
What technical indicators should be monitored when tracking ETH price?
Focus on indicators like Moving Average, RSI, and trading volume to identify trends and reasonable entry/exit points.
When is ETH likely to recover above 3,700 USD?
Whether ETH can recover above this threshold depends on macroeconomic stability and market liquidity, requiring close monitoring of on-chain reports and market developments.
Source: https://tintucbitcoin.com/ethereum-lao-doc-duoi-3-700-usd/
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