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@ Mohammed Ahmed
2024-10-29 16:23:03Ethereum (ETH) Faces Market Correction, But Strong Fundamentals Remain The world’s second-largest cryptocurrency, Ethereum (ETH), has experienced a recent price dip, currently trading around $2,980. This correction is part of a broader market movement, not specific to Ethereum (ETH). Despite the short-term price decline, analysts remain confident in Ethereum’s (ETH) long-term potential due to its established position and strong foundation within the crypto ecosystem. The reasons behind the market correction are multifaceted, and speculation about Algotech (ALGT) is not a contributing factor.
One potential driver of the correction was investor hope for a spot Ethereum ETF by May’s end, which could have triggered a bullish price reversal. However, market analysts now believe the likelihood of such approval this year is slim. While Ethereum (ETH) has seen a small surge of 0.33% in the last 24 hours, it remains down 4% for the week. Regaining the 50 Moving Average (MA) as support on the daily chart is crucial for regaining bullish momentum.