Ethereum ETH Tumbling Down:
Will it recover in 2022?
Bear has taken control of the market and is currently wreaking havoc on the cryptocurrency industry. On the morning of June 13, 2022, Ethereum is trading at $1,323.
This price comes after the Ethereum team reported a more than 8% drop in the previous 24 hours.
On June 13th, the price of Ethereum's native token Ether (ETH) dropped as low as $950 on Uniswap.
This is roughly 20% less than its spot rate on other exchanges.
The second largest digital token fell over the weekend, and experts believe further declines are possible.
ETH has dropped to its lowest level in a year. The last time the price was this low was at the end of January 2021.
Bloomberg analysts are pointing to the head-and-shoulders pattern on the ETH chart and predicting that Ether will reach $1,000 in the near future.
In the short term, the second largest cryptocurrency is expected to experience "more pain."
Concerns about interest rate hikes in the face of high inflation rates are another factor weighing on Ethereum.