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So, Is Ethereum’s Price Correction Over? Or Will It Continue to Decline?
- Ethereum is correcting, they are no longer burning ETH to reduce supply resulting in inflationary growth for the first time.
- The price of Ethereum fluctuates based on supply and demand in the market, and ETH remains one of the most important cryptocurrencies in the world.
- A crash is an over-10% drop in the price of an asset within 24 hours, while a correction is a gradual decline that happens when a market rally gets out of hand.
- The next time you see ETH prices dip into the red, remember that Ethereum's price fluctuates, and it is affected by several factors, including network activity and market demand.
- Several metrics indicate that further decline is to be expected, including the ETH/BTC ratio, which is an important indicator of Ethereum's strength to Bitcoin in the cryptocurrency market.
- Network activity has cooled off, and daily active addresses on ETH have dropped, which may indicate a bearish signal, so it might be time to sell.
- Ethereum has been struggling to break through the $3,600 resistance level multiple times, and it tends to pull back, targeting the $3,000 support level.
- The case for a spot Ethereum ETF is getting weaker, and it's unlikely ETFs will get approval any time soon.
- Pay close attention to market movements and trading volumes to get an idea of Ethereum's direction and employ diversification strategies to increase returns.
- Ethereum's downward trend may continue, so allocate a portion of your portfolio to stablecoins for added stability.
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