Crypto Price Prediction: Ethereum Declines As Bears Eye $1,500

Crypto Price Prediction: Ethereum Declines As Bears Eye $1,500

16 June 2023

Below $1,700, the price of ether in relation to the dollar displays bearish indicators. ETH may keep falling below $1,600. In a move that took place below the $1,720 support, Ethereum is down 5%.

The price is below the 100-hour Simple Moving Average and the $1,700.

On the hourly chart of ETH/USD (data feed through Kraken), the bears encounter resistance near a significant bearish trend line close to $1,740. The pair would find it challenging to recover above the $1,680 and $1,700 resistance levels.

Price of Ethereum Falls 5%

The crypto price prediction of Ethereum was unable to gather momentum to move past the $1,780 barrier. As Bitcoin did after the Fed’s interest rate decision, ETH responded negatively below the $1,720 support.

The support levels of $1,700 and $1,640 were breached. Over 5% of the price was lost, trading near $1,630. Near $1,630, a low has developed, and the price is currently consolidating its losses. It is trading below the 100-hour Simple Moving Average and $1,700.

The top 5 blockchains by Total Value Locked (TVL), according to data from the cryptocurrency market tracking website CoinMarketCap, are shown below. Ethereum (ETH), Tron (TRX), Binance Coin (BNB), Arbitron (ARB), and Polygon (MATIC) were the blockchains mentioned on the list.

The crypto price prediction for the total value of digital assets locked or staked in a specific decentralized finance (DeFi) platform or decentralized application (DApp) is measured using the TVL metric. Many people think that the blockchain’s perceived trustworthiness (TVL) increases with its value.

Despite having had its TVL decline by more than 2% over the previous day, Ethereum nonetheless claimed the top spot on the list of the largest blockchains by TVL. Additionally, Ethereum’s TVL fell by more than 5% throughout the previous month. 

The second-placed blockchain on the list was Tron, whose TVL fell by 3.72% over the previous 24 hours. The blockchain’s TVL was also down over the previous week and month by 6.58% and 4.27%, respectively.

Despite this, TRX managed to rank among the top 10 most valuable cryptocurrencies. TRX’s price had fallen by 2.11% at the time of publication and was currently sitting at $0.07088. Its market cap of almost $6 billion made it the ninth-largest cryptocurrency.

BNB held the third spot on the list. BNB also had a more than 3% fall in its TVL over the past day, as with most blockchains. In addition, BNB’s TVL, which stood at $3.87 billion after 30 days, had decreased by roughly 30%.

After both blockchains’ TVLs dropped by more than 2% over the previous trading day, Arbitrum and Polygon took the fourth and fifth spots, respectively. At the time of publication, the TVLs of Polygon and Arbitrum were $910.83 million and $1.09 billion, respectively.

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