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Ethereum Rebounds after Losing A Third of Its Price In 2022

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The Ethereum Foundation coin is making a strong rebound after major setbacks along with the rest of the steep falls that have taken place in the cryptocurrency world this week. Some falls, concentrated since last Friday in just a few hours, provide plenty of food for thought, from which it emerged victorious in the last session, after losing support. So what is the Ethereum price prediction all about? And what price analysts see for the second most popular cryptocurrency in the near future

There was no sign of a floor, on which almost no one was predicting a comeback amid scandalous volatility that has taken us, in the case of Ethereum, from the worst to the best, with a 20% difference. A comeback that has occurred after breaking supports and dropping no less than a third of its price and capitalization from its highs.

Falls for the asset in the market within the uncertainty that is turning everything upside down on account of the Fed’s monetary policy, seasoned by geopolitical tensions in Ukraine on account of Russia and with the negotiation in the making with the United States, this cutback is a further example of the link between cryptocurrencies and the financial markets in general, which in many cases seemed to go hand in hand until now.

Market experts indicate that settlements have been decisive in terms of their exponential nature for Ethereum since last week. We are talking, for example, about no less than 223 million dollars in just 4 hours, already clearly below the initial $3,000 mark that Ethereum easily broke.

As we can see, the market for smart contracts and non-fungible tokens fell sharply, which was reflected in the price of Ethereum. According to coinglass.com those falls even reached, in the period of one day over 1,140 cryptopositions surpassing $416 million. This across the board with Ether particularly hard hit.

All this with rising gas tariffs, which remains the virtual currency’s current workhorse, making its operations exponentially more expensive. In fact, it has more than doubled to peaks of 550 Gwei, as The Motley Fool points out.

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