Ethereum

Strong

Bitcoin

<ul> 
 <li><strong>The price of Ethereum (ETH) fell sharply, to about $1550 earlier today.</strong></li> 
 <li><strong>At the time of writing, ETH is trading at $1,684, down 7.6% in the last 24 hours.</strong></li> 
</ul> 
<p>The price of Ethereum (ETH) fell by 7.6 percent as the market suffered a sudden downturn, with most of the decline occurring in a short span. On Friday morning, most of the cryptocurrencies continued their terrible performances. According to statistics from Coinglass, the previous 12 hours saw one of the biggest sell-offs in the crypto market this year, with traders losing a total of $1 billion due to liquidations.</p> 
<p>The price of Ethereum (ETH) fell sharply, to about $1550, before rebounding to a position slightly under $1700. <a href="https://thenewscrypto.com/bitcoin-hits-two-month-low-more-decline-likely/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> investors lost over $498 million when they had to liquidate their long positions, while Ethereum (ETH) investors lost about $302 million.</p> 
<h3 class="wp-block-heading" id="h-need-of-a-strong-catalyst">Need of a Strong Catalyst</h3> 
<p>At the time of writing, <a href="https://thenewscrypto.com/clash-of-ethereum-bulls-and-bears-intensifies-whats-next/" target="_blank" rel="noopener noreferrer nofollow">ETH</a> is trading at $1,684, down 7.6% in the last 24 hours as per data from CMC. The price has been consolidating ever since it rebounded from a low of $1553 earlier today. There could be more trouble for ETH if the price breaks the recent support level of $1553. Bullish traders need to at least wait until the price clearly breaks above the $1726 resistance level.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-1.png" alt="" class="wp-image-80893" srcset="https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-1.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/08/ETH_1D_graph_coinmarketcap-1-1-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Ethereum definitely needs a strong catalyst to overturn the momentum and start a fresh rally. All eyes are now on the approval of Ether ETF filed by several financial giants which is pending SEC approval.</p> 
<p>The race for Ether Futures exchange-traded funds now includes some of the world’s most illustrious financial organizations. However, the SEC has not yet approved any Ether futures exchange-traded funds (ETFs) so far. Eric Balchunas, a prominent Bloomberg analyst predicts that the Ether ETF has a 95% chance of getting approved.</p>

Ethereum (ETH) Price Dives 7.6% Amid Market Turmoil; What Next?

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