- News and analysis
- Ethereum is Weakening on General Pessimism
Ethereum is Weakening on General Pessimism
The Ethereum lost 5.3% to $1580 since the beginning of October. The major altcoin recovered some losses after falling 9.7% last week. Still, it is seen rather weak, and it could not gain momentum without improving general sentiment in the market.
Some crypto enthusiast believe that whales exiting in favour of Bitcoin could explain the reason for the Ethereum to drop. The Ethereum Foundation itself supports this idea as it regularly sell ETH. It did so last week by selling $2.7 million ETH. Some do believe that the weakening of altcoins could be explained by increasing regulatory risks and overall pessimism in the markets. The reason is not that important though. Most importantly, the Ethereum prices could not get any higher by themselves without any improvement of the general market situation.
SEC said that it would not appeal the decision on Greyscale that has ordered SEC to register the conversion of Greyscale’s GBTC into a spot Bitcoin ETF. This is really god news for the entire crypto industry. But this is not enough to encourage crypto assets to continue recovery. It is likely that SEC would register Grayscale’s spot Bitcoin ETF no earlier than January 2024. Thus, we should not expect a major recovery of crypto assets before then.
The comments, insights, and reviews posted in this section are solely the opinions and perspectives of authors and do not represent the views or endorsements of RHC Investments or its administrators, except if explicitly indicated. RHC Investments provides a platform for users to share their thoughts on financial market news, investing strategies, and related topics. However, we do not guarantee the accuracy, completeness, or reliability of any user-generated content.
Investment Risks and Advice:
Please be aware that all investment decisions involve risks, and the information shared on metadoro.com should not be considered as financial advice. Always conduct thorough research, seek professional advice, and exercise caution when making investment decisions.
Moderation and Monitoring:
While we strive to maintain a respectful and informative environment, we cannot endorse or verify the accuracy of all user-generated content. We reserve the right to moderate, edit, or remove any comments or posts that violate our community guidelines, infringe on intellectual property rights, or contain harmful content.
By submitting content to metadoro.com, users grant RHC Investments a non-exclusive, royalty-free license to use, display, and distribute the content. Users are responsible for ensuring they have the necessary rights to share the content they post.
To maintain a positive and respectful community, users are expected to adhere to the community guidelines of Metadoro. Any content that is misleading, offensive, or violates applicable laws and regulations will be subject to moderation or removal.
Changes to Disclaimer:
We reserve the right to update, modify, or amend this disclaimer at any time. Users are encouraged to review this disclaimer periodically to stay informed about any changes.