As bears prepare for Friday’s $1B options expiry, the price of Ethereum falls below the $1.8K.
Ethereum, once known as the Bitcoin killer, is second only to the BTC when it comes to price and outreach. A favorite amongst people on the blockchain and the de facto currency in the world of NFTs, the performance of ETH in the last few months hasn’t been satisfactory.
The 50% correction since the 3rd of April has also been disastrous and the price has gone below $1,800 for the first time since July of 2021. The high volatility in the stocks also triggered the downfall. The DXY index has been at its highest in the last 20 years and the $ only seems to get weaker.
The Reorg on Ethereum’s Beacon chain also seemed to have impacted the crypto users. This has been attributed to a bug or a user with high resources but has since then been resolved.
There was speculation that ETH might cross the $3k mark but seems that will not be the case. The $2,950 high on May 4 was short-lived and has since down taken a nosedive.
With the bear market in full swing, it will be hard for cryptocurrencies to recover. BC has been recovering slowly and surely and now is at a 7-month high as compared to the altcoins. This is not good news for the altcoins as they continue to plummet.
If you have been planning to get into the crypto scene then right now is your opportunity. With the prices of all coins low, you can take your pick of the lot and add them to your portfolio.