The price of Ethereum has just dropped below $3,700, currently trading around $3,698.35 per coin.
The trading session on July 23 recorded ETH down 0.53% compared to the previous day, marking a slight adjustment in the trend of this cryptocurrency.
MAIN CONTENT
Ethereum's price dropped below $3,700 on July 23.
The ETH price at the time of reporting is $3,698.35 per coin.
The daily decrease recorded at 0.53% reflects the volatility of the cryptocurrency market.
What caused Ethereum's price drop on July 23?
According to market data, ETH's decrease of 0.53% reflects a slight adjustment after a period of volatility, analyzed by cryptocurrency finance experts based on supply-demand factors and investor trading trends.
Possible reasons include profit-taking pressure from traders, general market volatility, or external economic factors. This price drop also aligns with technical analysis on support and resistance around the $3,700 level.
The impact of ETH dropping below $3,700 on the cryptocurrency market
Financial analyst Nguyen Tri Dung, investment director at a cryptocurrency asset management fund, stated: “The drop of ETH below $3,700 reflects a cautious sentiment from investors after recent recoveries, but it still maintains a stable foundation thanks to DeFi and NFT development projects on the Ethereum platform.
The slight decrease in Ethereum's price reflects a balance between selling pressure and long-term development expectations of the Ethereum ecosystem.
Nguyen Tri Dung, Investment Director of the Cryptocurrency Fund, July 23, 2024
Short-term impacts may reduce liquidity and affect related Altcoins; however, ETH remains a key asset and an important fundamental of the global cryptocurrency market.
Is the volatility of Ethereum a sign of a bear market or just a temporary adjustment?
Analysts from the Vietnam Blockchain Research Institute assess that the 0.53% decrease is not strong enough to assert that the cryptocurrency market is entering a deep bear market.
This is likely a correction in a long-term uptrend, as demand remains stable at important support levels, a typical manifestation of a highly volatile cryptocurrency market that often adjusts over different periods.
Comparison chart of Ethereum and Bitcoin price movements on July 23
Cryptocurrency Price as of July 23 (USD) Daily decrease (%) Ethereum (ETH) 3,698.35 -0.53% Bitcoin (BTC) 29,850.50 -0.40%
Frequently Asked Questions
Does the drop in ETH price below $3,700 significantly affect DeFi projects on Ethereum?
Not much, as DeFi projects rely more on the Ethereum network and collateral assets rather than temporary price volatility of coins.
Will the price of Ethereum continue to decline or recover in the near future?
According to experts, ETH has the potential to recover if demand increases and positive news from the industry arises, but technical signals still need to be monitored to determine the trend.
Do ETH whales have a significant impact on the current price volatility?
ETH whales are always a major influencing factor; their buying or selling can create significant volatility in the market.
Is the current ETH price a good time to buy?
Many professional investors take advantage of current price adjustments to open mid-term positions with long-term growth expectations.
Is the decrease in ETH price below $3,700 related to Bitcoin?
Closely related, as the cryptocurrency market often moves in the same direction, but the level of impact depends on the specific events of each coin.
Source: https://tintucbitcoin.com/ethereum-roi-duoi-3-700-usd-hom-nay/
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