Why Ethereum Price May Face Short Term Pain Ahead?

Ethereum News: Ethereum, the second largest crypto registered a price surge of a whooping 7% in the last 24 hours as its network successfully completed the much anticipated Shanghai hard fork. However, the upgrade has allowed the network participants to withdraw their staked funds.

Also Read: Ethereum Institutional Demand Rises, Will ETH Put BTC Out of Crypto Spotlight?

Ethereum Set To Outperform Bitcoin?

The biggest of altcoins rallied as Ethereum (ETH) price breached the much anticipated $2100 mark after 9 long months. Ethereum price surge comes in when Bitcoin, the biggest crypto asset seems to be in the driving seat mid term. As the sentiment turned out in the favor of ETH, the second largest crypto outperformed BTC over the period of the last 7 days. ETH price spiked by 13%, while BTC price jumped by 10%.

Crypto Analyst, Credible Crypto suggested that Ethereum price might take a hit in the short term, while it is safe to with Bitcoin under this phase. It is important to note that when Bitcoin lead, altcoins follow. As the ETH price broke out through the $2.1K level shortly after breaching the crucial $2K level, implies ETH strength. Read More Ethereum News Here…

Also Read: US SEC Might Face Jury Over Ripple’s Fair Notice Defence

However, this could also suggest that attention now may shift to some altcoin but only if Bitcoin stays and maintain for a bit. Cryptos like Cardano (ADA) and Solana (SOL) price are up by 14% and 21%, respectively.

It is important to note that ETH price jump is quite weak compared to the Bitcoin surge as market participants didn’t buy Ethereum anticipating a drop after the update. Meanwhile, the amount of unstaking turned out to be much less the expected and ETH price registered a surge. ETH price is up by over 5% in the last 24 hours. It is trading at an average price of $2,115, at the press time.

Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.