It’s been a tough few days for Ethereum ($ETH) holders, with price dropping 6% from Monday’s high.
Price could not break the vital $2,000 level and rejected it aggressively, leading to the current bearish momentum.
Meanwhile, several new altcoins are making big moves in the market – with yPredict ($YPRED) and Ecoterra ($ECOTERRA) being the standout performers.
Ethereum Experiences Market Downturn as Investor Sentiment Changes
Ethereum has closed in the red for three days in a row, making it the token’s worst losing streak since early June.
At the time of writing, $ETH is trading at $1,855 – the same as it was precisely one week ago.
Price has broken below the 20-day Exponential Moving Average (EMA), often considered a bearish signal.
However, price is currently testing the 50-day EMA as support – offering a glimmer of hope to $ETH bulls.
According to CryptoEQ’s Ethereum Sentiment Index, the market is now feeling “Negative” towards the token, with the platform stating that $ETH is firmly in a “Sell Zone.”
According to CoinMarketCap data, 36% of the community also feels “Bad” about the token’s prospects.
These metrics highlight the overall pessimism towards Ethereum, contributing to the selling pressure that the token is currently facing.
Several Factors Prompt Surprise $ETH Price Drop
There are several factors contributing to Ethereum’s change in direction.
Firstly, the US Federal Reserve recently released the minutes from their June meeting, which indicated that they would likely increase interest rates further this month.
This weighed heavily on the crypto market since higher interest rates make riskier asset classes, like cryptocurrency, less appealing to investors.
As a result, the increased likelihood of further rate hikes prompted a minor sell-off in the market, pushing the $ETH price down further.
Secondly, data from DeFiLlama reveals that the total value locked (TVL) on the Ethereum network has dropped to just $44.06 billion – significantly lower than just two months ago.
This hints that DeFi enthusiasts are looking elsewhere for these services, impacting the demand for (and price of) Ethereum.
All in all, these macroeconomic shifts and DeFi headwinds are affecting investor sentiment – and may do so for a while.
Which New Altcoins Are Gaining Momentum?
Although Ethereum is going through a rough patch, several altcoins are still making waves in the crypto market.
Two of these altcoins are yPredict and Ecoterra – both of which are nearing the end of their respective presale phases.
yPredict Empowers Traders With AI-Driven Crypto Analytics & Nears $3m Milestone
yPredict ($YPRED) has emerged as a cutting-edge Web3 project in the crypto analytics space.
Leveraging state-of-the-art AI predictive models and deep data analytics, yPredict aims to equip traders with useful insights to give them the “edge” in the market.
yPredict’s standout feature is its prediction marketplace. In this marketplace, experts can offer their price prediction models, opening avenues for retail traders to subscribe and bolster their strategies.
Alongside this feature, yPredict will also offer a suite of analytics tools to streamline the trading process, including market sentiment analysis and automated chart pattern recognition.
The project’s creators even tweeted that they’ve created an AI-powered backlink calculator – hinting that they’ll also be looking to reshape the SEO niche.
This calculator is now available for those holding a minimum of 5,555 $YPRED tokens.
Currently, yPredict is still in its fundraising stage, although it has now raised over $2.8 million from early investors.
With $YPRED set to list on major exchanges for $0.12 later this year, the fact that presale investors can still snag tokens for just $0.09 presents a unique opportunity for substantial returns.
You can visit the yPredict presale here.
Ecoterra Promotes Blockchain-Driven Sustainability & Raises $5.8m
Ecoterra ($ECOTERRA) is another altcoin gaining momentum in the market.
This project aims to create a rewarding ecosystem that encourages users to partake in recycling activities and other green actions – thereby helping slow the rate of climate change.
The project’s unique Recycle2Earn app gamifies these behaviors since it offers $ECOTERRA token rewards to those who recycle plastic, glass, aluminum, and other materials.
Per the Ecoterra whitepaper, app users can also earn $ECOTERRA for donating old clothing items or powering their homes with renewable energy, like solar or wind.
Another exciting feature of Ecoterra’s ecosystem is its carbon offset marketplace. This marketplace allows individuals and companies to offset their CO2 emissions by purchasing verified carbon offsets using $ECOTERRA.
Ecoterra will even have a recycled materials marketplace – creating a much-needed space for businesses to buy or sell recycled goods.
Given these features, Ecoterra carries high expectations within the community yet already appears poised to revolutionize the eco-friendly crypto sector.
Ecoterra’s presale is now in its final stage, meaning would-be investors only have a few days to buy $ECOTERRA tokens for just $0.01 before they’re listed on public exchanges.
Investors will also receive a 10% bonus on their presale purchase – an incentive highlighting Ecoterra’s commitment to rewarding early adopters.
You can visit the Ecoterra presale here.
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