It’s been a tough few days for Ethereum (USD ETH) holders, as the price is down 6% from Monday’s high.
The price was unable to breach the vital $2000 level and strongly rejected it, which led to the current bearish momentum.
Meanwhile, several new altcoins are making big moves in the market – with yPredict ($YPRED) and Ecoterra ($ECOTERRA) being the top performers.
Ethereum Experiences Market Downturn as Investor Sentiment Changes
Ethereum closed in the red for three straight days, making it the coin’s worst losing streak since early June.
At the time of writing, $ETH is trading at $1,855 – exactly the same price it was a week ago.
The price has broken below the 20-day exponential moving average (EMA), which is often seen as a bearish sign.
However, the price is currently testing the 50-day EMA as support — providing a glimmer of hope for the dollar bulls on ETH.
according to CryptoEQ’s An Ethereum Sentiment Indicator, the market is now feeling “negative” towards the coin, with the platform stating that $ETH is firmly in a “sell zone.”
according to CoinMarketCap data36% of the community also feel “bad” about the token’s prospects.
These metrics highlight the general pessimism towards Ethereum, which is contributing to the selling pressure the token is currently facing.
Several surprising trigger factors for the drop in the dollar price of Ethereum
There are many factors contributing to the change in direction of Ethereum.
First, the US Federal Reserve recently Released minutes from their meeting in June, which indicated that they are likely to raise interest rates further this month.
This has severely affected the cryptocurrency market since higher interest rates make riskier asset classes, such as cryptocurrencies, less attractive to investors.
As a result, the increased possibility of a hike in interest rates led to a slight sell-off in the market, sending the price of ETH in dollars lower even further.
Secondly, data from DeFiLlama It reveals that the Total Value Locked (TVL) on the Ethereum network has dropped to just $44.06 billion — much lower than it was just a couple of months ago.
This indicates that DeFi enthusiasts are looking elsewhere for these services, affecting the demand (and price) of Ethereum.
Overall, these macroeconomic shifts and DeFi headwinds are affecting investor sentiment – and may do so for a while.
What are the new digital currencies that are gaining momentum?
Although Ethereum is going through a rough patch, several altcoins are still making waves in the cryptocurrency market.
Two of these altcoins are yPredict and Ecoterra – both of which are nearing the end of their pre-sale phases.
yPredict empowers merchants with AI-powered crypto analytics and nearly $3 million
yPredict ($YPRED) It emerged as a cutting-edge Web3 project in the field of cryptanalytics.
Leveraging the latest AI predictive models and deep data analytics, yPredict aims to provide traders with useful insights to give them an ‘edge’ in the market.
yPredict’s standout feature is its prediction marketplace. In this market, experts can introduce their own price prediction models, opening avenues for retail traders to subscribe and enhance their strategies.
Along with this feature, yPredict will also offer a suite of analysis tools to simplify the trading process, including market sentiment analysis and automatic recognition of chart patterns.
Even the creators of the project chirp that they’ve created an AI-powered backlink calculator – which suggests they’ll also be looking to reshape the SEO niche.
This calculator is now available to those who hold at least $5,555 YPRED Tokens.
Currently, yPredict is still in the fundraising phase, though 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 pre-sale investors can still get the token for just $0.09 presents a unique opportunity for significant returns.
You can visit yPredict Preview here.
ECOTERRA ($ ECOTERRA) It is another currency that is gaining momentum in the market.
This project aims to create a beneficial ecosystem that encourages users to participate in recycling activities and other green actions – thus helping to slow down the rate of climate change.
The project’s unique Recycle2Earn app plays into these behaviors as it offers $1 ECOTERRA token rewards to those who recycle plastic, glass, aluminum and other materials.
in Ecoterra White papersApp users can also earn ECOTERRA dollars for donating vintage clothing items or powering their homes with renewable energy, such as solar or wind power.
Another exciting feature in Ecoterra’s ecosystem is the carbon offset market. This marketplace allows individuals and companies to offset their CO2 emissions by purchasing verified carbon offsets with ECOTERRA dollars.
Ecoterra will also have a marketplace for recycled materials – creating a much needed space for businesses to buy or sell recycled goods.
Given these features, Ecoterra holds high expectations within the community, yet it seems that it is already poised to revolutionize the eco-friendly crypto sector.
Ecoterra’s pre-sale is now in its final stage, which means that potential investors only have a few days to buy ECOTERRA $0.01 tokens for just $0.01 before they are listed on public exchanges.
Investors will also receive a 10% pre-purchase bonus – an incentive that highlights Ecoterra’s commitment to rewarding early adopters.
You can visit Ecoterra presale here.
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