Crypto’s second biggest currency, the $285 billion market cap $ETH token underpinning Ethereum, the blockchain with the most commercial activity, has crashed to a one month low overnight.
On paper, Ethereum’s 24-hour loss of 1% is in step with the trillion-cap market leader Bitcoin ($BTC) which shed the same amount.
Bitcoin currently changes hands at $56,172, while Ethereum is about $2,369. Both leading cryptocurrencies shed roughly 6% over the last seven days.
The last time Ethereum traded this low was on August 7 last month, when it’s price bottomed out at $2,351 after a heavy market crash two days prior.
The last time Ethereum traded consistently in the $2,300s was in early February this year.
Ethereum has been struggling a little this year. The launch of spot Bitcoin ETFs in January helped pull up the price of all cryptocurrencies considerably, including Ethereum.
Spot Ether ETFs came next, back in mid-Summer, but cooling inflows have helped dampen investors’ sentiment.
Ethereum Price Analysis – Further Drops Incoming?
Ethereum is currently trading far short of its $3,500 resistance level, seen throughout the summer.
If it continues to shed over the weekend, $ETH could begin next week consolidating a new support level of around $2,000.
Source: TradingViewHowever, there are two indications that holders may not incur further losses.
The first is that Ethereum’s price has risen in the last hour closer to its thirty-day moving average of $2,382.
The coin’s rising relative strength index (RSI) of 44 suggests investors are doing a spot of dip-buying.
As Ethereum Struggles, Crypto All-Starz Pre-Sale Hits $1 Million
Ethereum is one of the two giants that virtually nobody doubts will have a place in a post-adoption landscape.
However, being so thoroughly established, Ethereum’s price movements nowadays are a little conservative.
Those who want to really speculate on crypto are better off looking off the beating track for some of today’s meme coins, which are attracting nine-digit investmentsw with their unique value propositions.
One such project, which is pioneering a unified staking protocol for meme coin fans, is Crypto All-Stars ($STARS) a revolutionary staking platform that brings together the most celebrated meme coins in one place.
Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 1,489%.
To that end, the team has allocated 20% of the tokens for its presale; the other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Ecosystem.
This new meme coin project has gained so much popularity that its presale has already raised almost $1 million since its launch a fortnight ago.
Following the purchase, you can begin staking for rewards and claim the tokens once the presale ends.
So, if you are an investor looking to put your money to work, Crypto All-Stars is a better short-to-mid-term choice than Ethereum. Head to the website to buy $STARS with ETH, USDT, BNB, or even by card.
Follow them on social media – X (Twitter) | Telegram to stay up-to-date on all the developments.
Visit the Crypto All-Starz presale Website Here
The post Ethereum Crashes to Monthly Low – Is There Worse to Come? appeared first on Cryptonews.
