Ethereum, the second biggest crypto asset in terms of market capitalization continues to crash its market position. In detail, ETH dropped its price to nearly $1800 per crypto in the past 24-hour with a decline rate of over -6%.

This made Twitter analyst That Martini Guy ₿ react,

The post stated about the sudden price change of Ethereum, “#ETHEREUM IS CRASHING”. This tweet gathered different opinions in the crypto Twitter space, some were surprised while others stated their own opinion about the price crash.

However, despite the bearish market, Ethereum developers still plan to push the network’s algorithm from Proof-of-Work (PoW) to Proof-of-Stake (PoS). The migration is expected to happen in August.

Source: CoinGecko
Source: CoinGecko

As seen in the chart above, ETH dips its price below $2000, a bearish trend. However, this price position of the crypto can still be considered a strategic position. To be exact, the table above displayed the support level of ETH amounting to $1803 that has not been reached yet by ETH. If ETH is able to avoid and pull itself away from the support level, there is a big chance that ETH might go over $1900 and advance towards the bullish price to more than $2000.

Moreover, the upcoming network development of ETH might be a contributing factor to the price surge of ETH in the coming months.

On the other hand, crypto carnage continues to be felt across the space. In fact, the whole market cap industry bleeds to -4.1% in the past 24 hours. This made the ecosystem’s whole market cap to bag a low funding below $1.3 trillion. 

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.



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