Report Shows Ethereum Might Take Another Hit, Is It Possible?

Ethereum price movement for Ether was progressive from the starting of the second year, ETH gradually surged over the $1800 level before the Merge. 

Report Shows Ethereum Might Take Another Hit, Is It Possible?

The positive sentiment surrounding Ethereum's transition from PoW to PoS contributed to the surge, few participants in the crypto industry tilted towards the second largest crypto asset by marketcap. 

Ethereum is now trading coins in CoinMarketCap. The live Ethereum price today is $1,338.10 with a 24-hour trading volume of $13,862,170,687. Ethereum is down 1.00% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $163,863,279,671 USD. It has a circulating supply of 122,460,091 ETH coins and the max. supply is not available.

ETH price statistics price change 24h of ETH is $13.52, 24h Low is $1,319.20 and 24h High is $1,378.68 with 17.74% Market Dominance.

ETH huge increase in its trading volume and other Ethereum derivatives over the period. 

There is a hint of a bearish pattern from the Ethereum technical graph. this implies the possibility of another correction of 25% from its current price which hovers approx the $1350 region, maybe Ethereum dip further to $1000

The FOMC has scheduled its meeting for Wednesday 21,2022 but the entire crypto market is already feeling aggressive selling pressure before the outcome of the FOMC meeting. 

The downtrend shows that Ether went beyond its critical support of $1340, the overall technical implication is that deviation from the support level. 

As per the view Deribit, the number of Ethereum put and call contracts has skyrocketed its open interest ranges between $1000 and $2000 the range could make the possible trading value for Ether. 

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