Ethereum (ETH) Breaks $1,200
Prior to New Year’s Eve, the market is usually depressed, and several investors shun trading due to the absence of market liquidity and the uncertain future of some market segments. In one manner or another, the cryptocurrency market is witnessing activity, but it is not attractive.
As the second-largest cryptocurrency misses its footing over the $1,200 price mark, Ether’s price movement frustrates investors. Nevertheless, ETH’s support level is close at hand, and the crypto asset will hit turnaround footing in the upcoming days. If purchasing power materializes, the abovementioned price point will be retested in the near future.
Since mid-December, Ethereum’s issue has been on the increase, which is not a good sign from a macroeconomic standpoint. The most probable conclusion here would be a continual rise in the crypto token’s supply and a gradual decrease in the availability after the new year, as several investors return to the market and boost activity, therefore accelerating the market’s burning mechanism. While preparing this article, Ethereum is exchanging hands at $1,180 and may possibly climb back over $1,200, but the near-term outlook for the second-largest asset on the market remains negative.
Sadly, the breakthrough we predicted in one of our prior evaluations occurred, albeit not in the desired direction. The violation of the falling triangle’s bottom boundary by SHIB’s price resulted in an immediate plunge below $0.000007, a level not recorded in half a year.
As anticipated, the asset is not gaining traction on the market owing to the absence of inflows to hazardous assets such as Shiba Inu, Dogecoin, and the rest of the tokens that encourage investment primarily because of their volatility and absence usage applications. Shiba Inu is exchanging hands at $0.0000079 at press time and may yet have the chance to reach the long-awaited $0.00001 level.
The turnaround in Luna Classic was anticipated. The conclusion of the latest upswing was just a matter of time, given the asset remains effectively useless and has no financial meaning after the collapse of the Terra environment. After Binance made modifications to the LUNC burning process, the gloves came off.
Numerous efforts by the existing creators of Luna Classic to increase the value of the investments resulted in only short-term gains for LUNC holders. This has not yet compensated for the damages incurred following the Terra disaster. As was the case last time, the surge has been spurred by the suggestion of the main programmer to recruit several top-tier L1 blockchain programmers to complete certain crucial initiatives that would assist LUNC to achieve more market momentum.