What’s Next For Ethereum (ETH) as Price Hovers $3,000?

Ethereum and other altcoins have tumbled to lows not recorded in several weeks. This bearish outlook was also recorded in Bitcoin (BTC) and other decentralized finance (DeFi) tokens. Ethereum price has taken steps back wiping out previously recorded gains this week. A major reason for the market decline is a fall in sentiments with many pointing to major market corrections. 

The total crypto market fell to $2.11 trillion, a 4.8% decline in the last 24 hours. Meanwhile, several altcoins notched wider losses today deepening the negative sentiments. The drop in the ETH price also coincides with lower on-chain numbers and a transfer of assets to centralized exchanges which signals potential sales.

Ethereum Price Nears $3K

This year, Ethereum and other crypto assets surged to new highs amid the approval of spot Bitcoin ETFs in the United States. Despite the previous price gains and institutional inflows, massive sell-offs recorded in recent times have deepened sentiments. Ethereum trades at $3,075, a 7% drop in the last 24 hours. Weekly losses pierced double digits at 11% while monthly figures topped 19% in the red zone.

These outflows have sparked similar numbers in other altcoins. ETH’s market cap tanked to $367 billion while daily trading volume is over $20 billion. This year came with projections of sustained growth above $4k but plummeting price now sees ETH moving near $3k. The drop in crypto assets might force prices lower although many holders believe a rebound might be on the cards. 

Altcoins Are Sinking

Like most commentators opine, Ethereum price can surge with positive mainstream factors. The listing of ETH ETFs can lead to a jump in the asset’s price. The recent slump has also affected altcoin prices with Solana trading below $130 and $126 and Ripple plunging over 8% in the last 24 hours. Toncoin and Cardano were also down today with larger numbers posted by meme coins.

Also Read: End of The Road for Meme Coins? Dogecoin Takes Heavy Losses