A Slump in Ethereum Prices Due to Unpredictability

A Slump in Ethereum Prices Due to Unpredictability

The Ethereum price declined to $1,886 today, making a downfall of 1.5% in the last 24 hours as the overall cryptocurrency market is also slightly lower.


ETH is now down by 2.5% over the past week, although it has remained steady at 10% over the past 30 days and by 57% year-to-date.


The altcoin’s recent moves mean that average unpredictability has increased since early April and late 2022, meaning further moves (up and down) are more likely now than at any time in recent history.


And considering how solid Ethereum’s foundations have been following its recent upgrades, it’s probably only a matter of time before the cryptocurrency starts making significant gains.


In this regard, it is encouraging that ETH’s support level is starting to rise again, suggesting that it is consolidating somewhat after its recent declines and giving it a higher base for growth.


ETH’s recent highs and lows are also reflected in its unpredictability, with the BitMex Weekly Ether Volatility Index more than doubling since early April, falling from 1.8 to 5.44 year-to-date.


As such, ETH can look forward to more rallies in the near and distant future, backed by its fundamentals, which remain the greatest of any altcoin.


First, the Shanghai update a few weeks ago has added the ability to unsubscribe from Ethereum staking, which will only increase long-term staking, thereby increasing demand for ETH.


Second, Ethereum continues to see higher adoption than most other platforms as major French bank Société Générale launches a euro-dominated stable coin on the Ethereum blockchain.


Previous news of Visa using Ethereum for USDC payments and Coinbase’s new Tier 2 network suggests that larger corporations may turn to Ethereum soon.


New Altcoins Alternatives

The problem with Ethereum, however, is that investors should expect small gains later, and the cryptocurrency’s strong fundamentals mean it’s more poised for gradual price increases.


One of the most promising and interesting of these is AiDoge. This AI-powered meme generation platform raised over $125,000 after launching its token offering less than 48 hours ago.


The top-rated memes then receive rewards for their creators in the form of $AI, which can also be used to place bets on regular wins.


AI is currently available for $0.00002640, although, in just over nine days, the price will drop to $o.00002680 at the start of the third phase.