Ethereum
Crypto Shows No Robust Rise
Ethereum (ETH) is trading at $2,932.45, with a trading volume of $9,666,018,686 over the last 24 hours. Ethereum price registered a gain of 1.23%, a 24-hour low of $2,870.18 and a high of $2,980.08.
It currently occupies the second place on the coin market cap chart, with a current market cap of $350,616,744,281. Tokens in circulation now total 119,564,241 ETH.
Three months ago, ETH – the second largest cryptocurrency – was trading at $4,809; on January 11, 2022, it fell to $3,251 and on February 4, to $3,026.
Other currencies, including Tether, BNB, USD Coin, XRP, Cardano, Solana, and Terra, are also seeing significant declines, hurting the market.
These recent significant declines in Ethereum and Bitcoin are also due to rising and sustained inflation, a dismal December jobs report, and continued hints from the Federal Reserve that the central bank may begin to slow down measures. aimed at supporting the economy as it improves.
Ethereum Price Prediction
Based on current data, Ethereum price will average $2,822.07 and reach a high of $3,174.82.
After hitting a high of $4,100 on December 27, Ethereum fluctuated between $2,100 and $4,000 in the days that followed.
Despite a poor start to 2022, many analysts remain optimistic, predicting that Ethereum will reach and exceed $12,000 this year.
ETH/USD at $2886.5 in the daily chart | Source: TradingView.com
Related reading | Ethereum Faces Rejection, Why ETH Could Plunge Below $3,000
Meanwhile, after a robust November, Bitcoin also took a break in the previous month. Bitcoin reached a new all-time high by crossing $68,000.
There is no doubt that Bitcoin and Ethereum will continue to fluctuate in the future, and experts advise investors to remain cautious.
Experts advise to overlook the ups and downs while making a long-term investment. This does not mean that the recent price drop has extinguished Ethereum’s volatility.
Crypto Expert Gives Tips on ETH
The real issue is whether or not these currencies will continue to rise once they’re held, said Personal Finance Club investing guru Jeremy Schneider.
“No more than 5% of your entire portfolio should be held as Ethereum due to the lack of assurance that its value will increase,” Schneider said.
The investment expert added that people should not invest at the risk of not achieving their other financial goals, such as paying off high-interest debt or preparing for their future retirement.
Like Bitcoin, Ethereum has its blockchain, maintained by a global network of more than 2.4 million computers called “nodes”. Anyone with the required hardware, skills, and time can run an Ethereum node and help validate the network.
Miners are responsible for finding new blocks on the Ethereum network. These are analogous to digital boxes that store transactions and other data.
Miners compete using specialized computing equipment to be the next person to add a block to the chain and collect transaction fees (on the transactions they add to the block) as well as “block rewards”.
Related reading | Ethereum Prints Bearish Technical Pattern, Why It Could Revisit $2.5K
Featured image from Scotsman, chart from TradingView.com