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The price of Ethereum has been hit at the $3,200 level. Investors should think about more drops in the price of ETH as the bears have a lot of power.
Conclusion
- Fibonacci projections show that the price of Ethereum will fall to $2,900 and $2,670.
- ETH price volume has risen in the direction of the bears.
- A break above $3,300 would be the end of the bearish count.
Ethereum's price support has gone away.
At the time of this writing, the price of Ethereum is at $3,040. It's going back to a key level on the 4-hour chart. FXStreet analysts said last Thursday that they thought the price of Ethereum was going to go down because it had a lot of sell signals. The bearish thesis also said that long-term targets at $2,987 and $2,930 could be breached.
The price of Ethereum is likely to fully back up the bearish analysis in the next few days, which means it will be true. The bears are very confident because of the way the volume looks. The Relative Strength Index shows that Smart Money Investors aren't interested in the $3,040 Ethereum price because there hasn't been any bullish price action.
In simple terms, there doesn't seem to be any support for the bulls in the market right now. Traders have been told not to try to buy and sell smart contract tokens against the trend.
A Fibonacci projection tool says that the price of Ethereum could fall to $2,900 and even $2,670.
The current bearish price prediction isn't true if it doesn't reach $3,300. No matter what, the price of Ethereum should never fully reverse the previous consolidation pattern again.
If this happened, the downtrend would be canceled, and the bulls would be able to reach $3,400 and $3,580 with ease. This would lead to an 18 percent rise in the ETH price.
$9M ETH (3,185) Just Burned
It was worth $9,647,136 at the current value of Ethereum when 3,185.75 Ether was burned. Burning is when a coin or token is sent to a wallet that can't be used to stop it from being used.
On August 5, 2021, the Ethereum blockchain made a big change called EIP-1159. This Ethereum improvement proposal made a big change to the fee model. Each transaction now has a base fee that changes based on how much space is needed in the block. This "base fee" is burned, or removed from the market forever, reducing the amount of Ether in the world.
Ethereum is currently releasing new Ether at a rate of 4% per year. This rate is expected to drop to 0.5-1 % as part of the Ethereum 2.0 upgrade. As soon as this happens, many people think that the rate at which Ether is used will be higher than the rate at which the tokens are made. This makes ETH a deflationary currency.
It took 3.05 percent of Ether to be made in the last year.
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