Shock Price Analysis for Ethereum: Ethereum Price Drops For The First Time In Two Weeks!
The Ethereum pair broke the 13-day bullish level on Monday. After ETH started taking profits and market sentiment turned to the opposite direction, it reversed course. ETH is trading at $ 2,508 at the time of writing.
Finally, Joe Lubin, CEO, and founder of blockchain software company ConsenSys made remarkable statements about ETH. He said he was excited about the future of Ethereum-based NFTs and did a tremendous job for it; but they still need regulation to get mainstream adoption, he said.
Ethereum Seriously Rising After Joe Lubin's Announcement!
NFTs represent real-world objects like art, fashion, music, and more. Most of the NFT market was created by celebrities, athletes, and other famous personalities. Prices in the NFT market are also quite high. Recently, the NFT market has started to attract the attention of large companies due to its commercial use cases. Lubin thinks NFTs can't just limit content through digital artwork or music, but they will eventually grow into full-blown businesses in their own right. Lubin also emphasized that the world will be objects with unique identities whose NFTs can accept and pay money.
In addition to all these, the NFT market also provides the opportunity to protect the intellectual property of artists and content producers. NFTs created can be sold to various individuals and can also be funded inflexible, programmatic ways. He stated that earning a living for artists is a corporate and exciting market.
Also, Lubin said that almost every media company will launch their own NFT platform and the process is moving fast. Lubin on the subject; MediaPublishares cited Esquire and other major magazines announcing their partnership with a decentralized ad network and the development of an NFT platform for other industries. After Lubin's comments, the price of the largest altcoin, ETH, also increased. However, ETH has faced pressure in the current situation due to increased exits recently.
Another reason why ETH/USD prices have skyrocketed in the last two weeks is that Ethereum 2.0 is not going to be released anytime soon. Investors are looking forward to this launch, which is expected to improve the performance of the Ethereum platform and make it more cost-effective. Analysts think that the price of ETH may rise after the launch of a new upgrade that is scheduled to be released shortly.
ETH's decline on Monday can be attributed to the rising price of the US dollar. The US dollar rose in the last hours of the US after the comments of US Federal Reserve Chairman Christopher Waller. Waller explained that if the employment data for August and September are between 800,000 and 10,000,000, the Fed may begin to reduce its asset purchases as early as October. After these statements by the senior official of the US Federal Reserve, the US dollar was on the rise, while the price of ETH fell.