Amid the problems of the Ethereum cryptocurrency market, the exchange rate is predicted to decline

The problems with the FTX cryptocurrency exchange continue to affect the digital asset industry. Today, the global cryptocurrency market capitalization amounted to $ 786.6 billion, and global trading volumes fell to $ 66.7 billion over the past 24 hours. on November 22, most altcoins showed a drop in value. This also applied to Ethereum — at the time of writing, the cryptocurrency 's ETH $2,442.36 Bridged Ether (StarkGate) 1.27% Market capitalization $0.19 billion VOL. 24 hours $0.25 billion quotes fell by 4%, with the asset worth $ 1,084.

Ethereum is currently facing a number of problems as hackers, who have affected FTX, are withdrawing large volumes of cryptocurrency from the exchange. According to the analytical company Elliptic, only a day after FTX filed for bankruptcy, more than $ 663 million worth of cryptocurrency was stolen from its wallets. In particular, some of these tokens were converted into ETH.

Industry experts began to predict a drop in the ethereum rate in their blogs. Thus, Altcoin Sherpa, a popular Twitter analyst, predicted that the price of ETH could fall by 54% from its current value if the cryptocurrency market is shaken by another bankruptcy of a well-known company.

eTH: Some high timeframe charts. I think if some big player like GBTC gets sold off, we’re going to see something like $ 500-$ 700 #Ethereum. I think $ 500 should be a decent place to bid if things go to shit based on psychological #alone; but there’s a long way to go b4 then. pic.twitter.com/Qa7VQOoAOR

— Altcoin Sherpa (@AltcoinSherpa) November 21, 2022

Currently, Ethereum is trying to regain the support level of $ 1100. However, Altcoin Sherpa suggests that ETH is likely to see a strong downtrend. In this case, the main support for Ethereum may fall to $ 1000, and later to $ 920. In the event of a prolonged bearish rally, the expert predicts the price of ETH at $ 880-$ 800.

The crypto blogger also made a prediction for bitcoin. The expert expects digital gold quotes to fall to the range of $ 10,000-$ 14,000, and then the growth phase of the rate will begin again. AltcoinSherpa assured that BTC and ETH are the safest coins in the industry that will outperform most of the digital asset market in the long run.