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Friday, December 9, 2022

Ethereum Suffers Huge Price Dip

Ethereum is one of the biggest names in the cryptocurrency market. They have emerged as one of the leading competitors of Bitcoin. However, in recent times, the company has been suffering from dark times. The cryptocurrency market is going through a rough phase at the moment. Earlier this year, Terra suffered a huge setback and incurred a loss of billions of dollars. The same threat is looming large over Ethereum as well.

The current week’s ETH options of $1B are getting expired. This might be responsible for the prices of ETH coming crashing down below the $1800 support. The performance of ETH has been very much below the mark for the last few months. This made the holders of the company agitated with the performance. The correction of 50% has resulted in the possibility of testing the support for $1.8k for the very first instance.

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The last time such a situation occurred was in July 2021. The stock market has been very much volatile over the last few months. This has resulted in the traders seeking comfort under the USD. In the month of May, the index of DXY spiked to an all-time high in twenty years. The yield of the US Treasury reached its peak in 2018, August. However, the trading percentage reached 3.10% in the month of May. Let us learn more about the story in detail below. 

Ethereum Going Through A Rough Phase

Ethereum has remained one of the biggest leaders in the crypto market. However, the company is facing the possibility of suffering a huge loss of the $1800 support. The estimated interest of Ether for the month of May was $1.04billion. However, the actual result might be very much different from the estimated figures. This has happened because the bulls were very much optimistic about the result. 

The bulls for the Ethereum were very much surprised after the dip came into existence. They did not expect such a huge dip below $1800. None of the options was placed below the $1800 mark on 27th May.

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