Ethereum Price Prediction – ETH Slips, Breaks Below $32K. What’s

The ETH/USD pair closed at $3,209.25, after reaching a high of $3,356.40, and a low of $3,142.02. After three consecutive trading sessions in the green, ETH/USD fell and reversed course. Ethereum saw a decline in prices, mainly because of the rising popularity of its competitor Cardano. The transaction volume seen on the Cardano blockchain briefly surpassed that of the Ethereum blockchain, ahead of a highly-anticipated decentralized exchange on Cardano, called SundaeSwap.

Data from Messari suggested that daily transaction volume on Cardano reached the $7 billion mark and surpassed the DTV on Ethereum of around $5.4 billion. However, both networks remained below Bitcoin’s $16.8 billion.SundaeSwap, a native, scalable decentralized exchange, and automated liquidity provision protocol, has announced that it is preparing the launch of mainnet on January 20. This launch will enable ADA users to earn from the Initial Stake Pool Offering. This news added to the transaction volume of Cardano and pushed its prices higher, whereas, Ethereum came under pressure and turned red for the day.

The negative market mood also added to the pressure on the second-largest cryptocurrency in the world. Bitcoin was also under pressure from the news that Pakistan was calling for a ban on cryptocurrencies. Pakistan was the third-largest country in crypto adoption in October 2021. The concerns related to the outflow of foreign reserves from the country prompted its central bank to call for a ban on digital assets. Furthermore, the increasing rate of cybercrimes and crypto frauds also added to the concerns and dragged the whole market mood down , which weighed on ETH/USD.

Meanwhile, a DeFi user has filed a lawsuit against an Ethereum DeFi App, PoolTogether, claiming that they enabled an unauthorized lottery scheme. He deposited about $10 in a pool of funds governed by a smart contract. PoolTogether was a no-loss lottery that enabled users to stake their tokens into a savings pool for a chance to win a weekly prize. The outcome of the case could set a precedent towards establishing a regulatory framework in the DeFi space.

Ethereum made yet another effort to break through the $3,400 resistance level, but it failed to gather traction and corrected downward from the high of $3,391. There was a break below the $3,320 and $3,300 support levels. The price of Ether has even fallen beneath $3,300, and the 100 hourly simple moving average. Furthermore, on the ETH/USD hourly chart, there was a breach below a significant ascending channel, with support near $3,320.

The price has produced a low near $3,238, and it is currently correcting higher. There has been a break over the 23.6…