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Why did Ethereum plummet? Explain the reasons behind the fall of Ethereum

Copywriter: Cloud Knight

2024-03-22 16:03:19

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The recent decline of Ethereum was mainly affected by the change of market sentiment and investor attitude. On March 22, the intraday price of Ethereum was US $3471, with an intraday decline of 2.08%. The short-term upward momentum after the impact of investors' arbitrage sales had disappeared, and Ethereum fell again. The underlying reason was the delay in the approval of Ethereum spot ETFs, The US Securities and Exchange Commission is ambivalent, which makes investors waver.

Why did Ethereum plummet? Explain the reasons behind the fall of Ethereum

On March 13, Ethereum completed the Cancun upgrade and entered the era of low transaction costs. However, the price of Ethereum did not rise along with it, and kept the same increase as other mainstream cryptocurrencies. On March 20, Ethereum even fell below $3100 in the short term, reaching a minimum of $3055, with a maximum drop of more than 5% in an hour. In the case of pessimistic overall market expectations, Ethereum prices also responded at the price end.

Why did Ethereum plummet? Explain the reasons behind Ethereum's decline (1)

Whether Ethereum spot ETF will be further delayed or even rejected will affect the price of Ethereum in the future. Some analysts said that the US SEC did not actually interact with the issuer on the issue of Ethereum, which is not a positive signal and may lead to rejection of applications after repeated delays. Other analysts believe that the approval opportunities for Ethereum spot ETFs continue to decline, which will have a more negative impact on Ethereum in the long run.

Title: Why did Ethereum plummet? Explain the reasons behind the fall of Ethereum

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