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Ethereum Price Holds at $1,600 as Crypto Market Trades Sideways

Ethereum’s price holds the current support of $1,683 as the global cryptocurrency market continues to trade sideways. Ethereum is down 2.74% today but still outperforms Bitcoin in the 7-day period, up 6.31% compared to BTC’s 2.73%. The global cryptocurrency market remains above the $1 trillion level, signaling a healthy short-term sentiment that could lead to further bullish gains this weekend.

Ethereum’s Trading Volume Drops

After breaching through the $1,500 resistance level yesterday and establishing new support at $1,600, ETH maintains current prices. While Ethereum maintains current support levels, its trading volume shows a substantial drop of over 20% in the past 24 hours, currently at $24 billion.

Ethereum is trading at $1,683, down 2.72% in the past 24 hours. While it seems that the market may be losing some momentum, the decrease in trading volume and the fact that ETH continues to hold above $1,600 means that the market is full of uncertainty regarding its next moves.

Bitcoin is also trading sideways, holding its support of $23k relatively well. With the stock market performing positively today, amid the Fed’s announcement that they will likely slow down monetary policy soon, the market sentiment remains bullish.

Ethereum Classic Up 50% This Week

All Ethereum news focuses on Ethereum Classic, which managed to gain over 50% in price this week. One reason analysts suggest for Ethereum Classic’s spectacular price performance is that while Ethereum’s merge will upgrade the network from a proof-of-work to a proof-of-stake consensus model, contributing to a more eco-friendly blockchain, what will happen to all the Ethereum miners currently securing the network?

Some suggest that miners will flock to Ethereum Classic since the two networks are so similar, and ETC will remain a proof-of-work network. ETC provides an alternative to miners to the current Ethereum network. If more miners switch to ETC, an increase in hashrate means an inherent increase in the asset’s value being mined, contributing to ETC’s price hike this week.

However, Ethereum Classic has been struggling today, as the crypto asset is down by over 5% in the past 24 hours.

NFT Expoverse Starts Today

A major event is scheduled to take place this weekend. NFT Expoverse is starting today in Los Angeles and will last through Sunday. The event brings together thousands of attendees, and its program revolves around NFTs.

Since Ethereum is the leading NFT platform, NFT Expoverse could contribute to an increase in Ethereum’s trading volume and, more specifically, to various NFT projects performing exceptionally well.

NullTX is attending the event and will cover the various projects at the conference. If you’d like to meet us, please DM us on Twitter (@nulltxnews) or email us ([email protected]).

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.

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