Ethereum Trading Volume At Its Most Sluggish, ETH Price Struggles Below $1,600
30 August 2022 - 12:29PM
NEWSBTC
Ethereum is feeling the pressure this early, with trading volume at
the receiving end and impacting the price of ETH. A major event in
the crypto industry, The Merge is eagerly anticipated by many. By
combining with the Beacon Chain, Ethereum will implement a system
based on proof-of-stake. This system will significantly reduce
Ether’s energy consumption. Despite the Merge’s promises of a new
tomorrow for Ethereum, investors continue to have poor faith in the
currency. The price of ETH plummeted significantly below the $1,500
support line on August 28 and has been stuck in that
border for the past two days. The expectations of traders are
relatively modest. According to a source, trading volumes dropped
by a shocking 45 percent on August 28. With a decrease in overall
trading, transactions suffered a severe setback as well. As of this
writing, Ethereum is trading at $1,580, down 1.7% in the last seven
days. Related Reading: Litecoin (LTC) Performs Better Than Bitcoin
In Last 24 Hours – Upward Motion In The Coming Days? Ethereum
Trading Volume Sluggish The average number of seven-day Ethereum
transactions per month has decreased to 42,490. This reflects the
fears and perspectives of global traders at the present time. A
reduced coin price is one of the deal-breakers for the merchants.
Other coins’ prices have rebounded from recent declines. Polygon
and Cardano are, at best, the most notable. The volume of Perpetual
Futures Contracts reached an all-time low as investor confidence
and enthusiasm plummeted alongside a decline in network and
transaction activity. According to Glassnode, the coin reached a
three-month low on the Perpetual Futures market on August 28. This
was the result of the first credit crisis in the history of
cryptocurrencies, which occurred in June 2022. Recent developments
such as the Terra implosion and the relatively recent speech
of Federal Reserve Chair James Powell can also be ascribed to the
present price of Ethereum. Crypto Braces For Much-Anticipated Merge
After the speech, the broader financial markets responded quite
badly. The major stock exchanges recorded declines of 1% to 2%.
According to Coinglass data, both Bitcoin and Ethereum witnessed
significant selloffs. With the merger occurring in around 15 days,
both pro and con comments have been expressed. Some are extremely
hopeful about what the merger would bring to Ethereum, but others
are extremely dubious about its purportedly favorable impacts on
the cryptocurrency. Meanwhile, considering the volatility of
the current cryptomarket, speculation is limited. Uncertainty
remains as to whether the merge would result in a flourishing
future for Ethereum or a downward spiral that leaves millions in
turmoil. We can only hope that the combination will benefit the
extremely shaky alternative cryptocurrency. Related Reading: Flow
Monitoring: Why This Price FLOW May Not Attract Short-Term Traders
ETH total market cap at $194 billion on the daily chart | Source:
TradingView.com Featured image from Coinpedia, Chart from
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