The crypto crash was a harsh one for Ethereum and the entire cryptocurrency market. Many failures in the crypto sphere affected the price. To top all of that, a massive selling pressure became a mere selling snowball effect, crashing all cryptocurrencies, even stablecoins! What will happen to Ethereum now that its prices broke $2,000 lower? Will Ethereum reach 0 $? Let’s assess in this Ethereum price prediction!
What is Ethereum Crypto?
Ethereum started with the same consensus mechanism as Bitcoin did, the proof-of-work. But the project wants to shift to proof-of-stake. At Ethereum, this new protocol is named Casper. Unlike Bitcoin, Ethereum has a Turing-complete virtual machine. This machine can be used to create impactful decentralized programs, better known as smart contracts. These programs are written down on the blockchain with transactions. The users then should be able to access the features of these programs via transactions. With this, the conditions of the program can be changed depending on the logic and situations.
Why did Ethereum Crash?
There are two sides to Ethereum’s crash: Weak Technicals coupled with very Bad Fundamentals.
- Technicals: In a previous article, we did warn that the Ethereum price was risky. The downtrend formation since November 2021 weakened the buying power. This made prices plummet in a spiraling downtrend. Prices then reached a strong support level ($2,800) but broke it lower thanks to bad general sentiment in the crypto market.
- Fundamentals: This affected not only Ethereum, but the entire crypto market. All tokens with no exception crashed in the past month. Several reasons can be attributed to this crash:
Will Ethereum reach 0$?
Ethereum price managed to break the strong support price of $1,800 briefly before reaching the current price of $1,900. This is definitely bad news, as prices need to stay higher than this level to hold. If the crypto market manages to recover soon, Ether prices can recover as well towards at least between $2,200 and $2,400.
On the other hand, should the crypto market continue to crash, Ether prices are expected to breach $1,800 again and reach the next support of $900. Reaching 0$ soon is not very likely for several reasons:
- The DeFi industry is already there and striving
- The crypto gaming industry is also there and increasing in players on a montly basis
- The NFT sector is also still there and having daily sales, disregarding what’s happening to the crypto market
- The technology behind Ethereum is set to improve in the coming months
The Crypto Market at a Glance
In the past 24 hour, the entire cryptocurrency market lost more than 15% on an aggregate level. XEC, GRT, and FTM were among the top losers, crashing by -44%, -43%, and -42% respectively. Other than stabelcoins (not UST), AXS and TRX managed to hold their positions, slightly gaining 4% and 2% respectively.
1- Bitcoin (BTC): – 10.0 %
2- Ethereum (ETH): – 18.4 %
3- Tether (USDT): 0 %
4- USD Coin (USDC): 0 %
5- Binance Coin (BNB): – 11.- %
6- Ripple (XRP): – 21.4 %
7- Binance USD (BUSD): 0%
8- Cardano (ADA): – 24.7 %
9- Solana (SOL): – 21.8 %
10- Dogecoin (DOGE): – 21.9 %