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ETH Price Prediction – Is A Post-Weekend Rally to $1200 Likely?

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Ethereum price prediction remains bearish as ETH, the second largest cryptocurrency, has managed to gain support near the $1,080 level. However, the most recent G20 summit discussions on cryptocurrency legislation may be of assistance to an investor. The recent market volatility, however, does not appear to be affecting Ethereum (ETH) prices, which remain in a mild bullish trend.

In contrast, the collapse of FTX continues to have an impact on the entire crypto industry and was seen as a major reason that capped further gains in the crypto market.

Meanwhile, the cryptocurrency lender Genesis was seeking a $1 billion emergency loan from investors, according to a private fundraising letter obtained by the Wall Street Journal on Thursday. This news has not yet had a significant impact on the cryptocurrency market.

Ethereum Price Prediction

The current price of Ethereum is $1,097, with a 24-hour trading volume of $13 billion. In the last 24 hours, Ethereum has dropped 3.35%.

Ethereum Price Chart – Source: Tradingview

CoinMarketCap currently ranks #2, with a live market cap of $13 billion. It has a circulating supply of 122,373,866 ETH coins and no maximum supply.

Crypto Market Recovery

The global cryptocurrency market has been flashing green, and it is anticipated that this week will end on a bullish note because the recent developments regarding crypto regulations at the G20 summit will significantly affect investor sentiment in the coming day.

The prices fell as Bitcoin, the leading cryptocurrency, traded almost 2% higher at $15,781. Today’s global crypto market cap remained below $1 trillion even though it was nearly flat over the previous 24 hours at $800 billion.

Shiba Inu’s price remained steady at $0.000009, while Dogecoin’s price was up 0.4% at $0.08 today. Other cryptocurrency values also performed bullishly today, with increases seen in Binance USD, Avalanche, Tether, XRP, Terra, Tron, Litecoin, Stellar, Chainlink, and Polkadot prices over the last 24 hours.

Crypto Lender Genesis Emergency Loan

According to the Wall Street Journal, which cited a private fundraising document, cryptocurrency lender Genesis was looking for a $1 billion emergency loan from investors before it stopped accepting withdrawals from its website.

Genesis Global Capital halted client redemptions in its lending company on Wednesday due to the bankruptcy of Sam Bankman-cryptocurrency Fried’s exchange FTX. As a result, this news has yet to have a significant impact on the cryptocurrency market.

The Effects of FTX Collapse, Ethereum Price Prediction Bearish

FTX is the fourth cryptocurrency startup to face financial difficulties this year. Three Arrows Capital, an Asia-based hedge fund, and Celsius, a bank-like organization that accepted cryptocurrency deposits in exchange for interest, are two other failures.

However, the collapse of FTX, which has filed for Chapter 11 bankruptcy in the United States, has had a bearish impact on the entire crypto industry, limiting liquidity at corporations that had exposure to one of the world’s largest cryptocurrency exchanges at one point, and triggering regulatory inquiries in several countries.

Following a proposed acquisition by rival exchange Binance, FTX filed for Chapter 11 bankruptcy protection in the United States last week, and its founder, Sam Bankman-Fried, stepped down as CEO.

US Dollar Ups & Downs

The broad-based US dollar was on track for its biggest weekly gain in a month after Federal Reserve officials reiterated their commitment to raising interest rates more aggressively than markets currently expect. However, the US dollar could not extend its previous gains and fell slightly a few hours ago on Monday.

It fell in value against the pound, which rose after a volatile day on Thursday in response to Britain’s budget for tax increases and spending cuts.

The most recent Fed official to reject market expectations for a halt in interest rate increases was James Bullard, president of the St. Louis Fed, who stated that even under dovish assumptions, the fund’s rate would need to rise from its current level of 3.75-4% to at least 5-5.25% to reduce inflation.

As a result, the small losses in the dollar were viewed as another key factor in keeping ETH prices higher.

Dash 2 Trade (D2T) – Alternative Coin

Since the prices of the leading cryptocurrencies have fallen, investors’ attention has shifted to alternative projects with significant upside potential. D2T is one of these.

Dash Trade announced that LBank exchange will be the first CEX to offer its D2T token after raising over $6.7 million in its presale. After recently launching its public token sale, the company has reached that milestone.

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