Top Reason Why Ethereum (ETH) Price Is Down Today!

The post Top Reason Why Ethereum (ETH) Price Is Down Today! appeared first on Coinpedia Fintech News
The cryptocurrency market has recorded a significant correction of 3.47% within the past 24 hours. Further, top crypto tokens have displayed a similar price trend breaking down their important levels.
Moreover, the altcoin leader, Ethereum price has recorded the highest correction of about 8% among the top 10 cryptocurrencies by market capitalization. With questions like “Will ETH price retest its low of $2.8K?” and “Why is Ethereum Going Down?”, the crypto market has entered a FUD-like situation.

Ethereum's recent price drop can be attributed to the overall market correction and the altcoin's high correlation with Bitcoin. The 8% correction is likely a result of investors taking profits after the recent surge. However, Ethereum's fundamentals remain strong, with the upcoming Shanghai upgrade and increasing adoption in DeFi. I expect ETH to rebound once the market sentiment improves.