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Ethereum Price Crashes!

Ethereum’s market took the worse turn.

ETH’s price has crashed by 10% in a sudden market downturn. As of now, the price of ETH is $1,513. The downward trend started at around 1:14 PM when Ethereum was worth $1,626. And then the market began to tank, it hasn’t recovered yet.

Ethereum’s crash came a day before the Chicago Mercantile Exchange launched ETH futures. The CME’s futures are supposed to bring loads of money to Ethereum since it comprises a regulated, adequate way for institutional investors to predict the coin’s future price.

It might also be the case that traders are leaving their positions before the listing; CME’s ETH futures contracts will make it a lot easier for institutional investors to short ETH – or bet against it.

CME launched Bitcoin futures last December 17, 2017, the day after Bitcoin hit its highest price during that bull run, $18,015. After that, Bitcoin’s price went downhill, marking the end of the bull run. With that being said, 2021’s crypto market doesn’t look like 2017.

“A retest of $1,550 was always going to happen, with or without CME,” one trader said.

Ethereum’s crash coincided with an overall market slide. Bitcoin has fallen by 7% in the last 24 hours to $37,547; XRP is down by 10% to $0.39 and Polkadot is down by 8% to $18.7.

Some cryptocurrencies stayed the way they are. Cardano (ADA) is worth $0.58, an 8% increase in a day. And Dogecoin, the meme-coin supported by Elon Musk, Snoop Dogg, and Gene Simmons is up 35% yesterday and 116% in the previous week.

The crash can be as simple as a market correction. Ethereum’s price hit an ATH of $1,756 on February 5 and hit similar prices yesterday. When the cryptocurrencies hit a new peak, they sometimes retrace their steps in the next few days. Bitcoin, which hit $42,000 last month, retreated to lows of $31,500 later in the month. The drops could occur because a specific price triggered a lot of traders to sell their positions in the market; the dump causes a price crash.

Other traders see an opportunity in the dip, anticipating that the market will bounce back.

“Feel like I need to take the plunge,” another trader stated, “I’ve been delaying this decision ‘for a better time.”

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