The start of the week for Ethereum, the world’s second-largest cryptocurrency, failed to set the $ 1,300 key defense level. At the time of writing this article. ETH / USD It is trading at around $ 1,142, down more than 3% in the last 24 hours.
Even as dApps King and Smart Contracts moved from migration agreement to shareholding to migration, Ethereum has not been able to recover key price levels in the crypto market. The collapse of Diff Projects has hit the network hard, with the largest TVL in the DeFi market worldwide.
Despite some price action after last week’s second to final merger attempt on the Sepolia Public Test, Ether was unable to release the $ 1,300 key. This has led some analysts to predict further depression for the ETH / USD crypto pair in the near future.
ETH / USD
Meanwhile, Michael Saylor, CEO and well-known crypto influencer at MicroStrategy, shared in a recent interview that he thought Bitcoin was just a commodity among digital assets. According to Silor, Ethereum should be categorized as a safe haven since it was developed by the ICO and has undergone a number of changes since its inception.
On Sunday, ETH / USD experienced a sharp sell-off due to declining optimism and new uncertain market conditions. Looking ahead, investors in the crypto market may be cautious as they wait for information on US inflation. This information can shed more light on the federation’s future inflation rate and determine how risky assets such as stock markets and cryptos can operate in the short term.