Ethereum (ETH) recently dropped below the $3,400 threshold, trading around $3,397.21 per coin.
According to market data from OKX updated on 17/7, ETH increased by 4.70% the previous day but still experienced a short-term adjustment below $3,400.
- ETH dropped below $3,400 on 17/7 but maintained a 4.70% increase in 24 hours.
- ETH price fluctuations reflect short-term trading trends and cryptocurrency market sentiment.
- Data from OKX exchange provides accurate information, supporting cryptocurrency market analysis.
What is ETH's trading price as of 17/7?
Market data from OKX exchange shows ETH is currently fluctuating around $3,397.21 per coin. This is a slight decrease from the $3,400 threshold, but the positive point is that ETH still increased by 4.70% the previous day, demonstrating a quick recovery.
ETH's price slightly dropped below $3,400 but maintained a good recovery momentum with nearly 5% increase in the past 24 hours. This is a positive signal from the cryptocurrency market that investors should pay attention to.
Nguyen Van Nam, CEO of Blockchain Research Company, 17/7/2024
ETH's decline from near $3,400 reflects the short-term volatility commonly seen in the cryptocurrency market. According to a report by CoinData Analytics (2024), ETH's price tends to fluctuate based on news and investor sentiment during the day.
What factors are affecting ETH's price fluctuations recently?
ETH's price is influenced by various factors such as market news, global digital currency fluctuations, and on-chain indicators. Data from the exchange helps identify short-term supply, demand, and liquidity trends.
High liquidity and trading activity contribute to controlling ETH's price volatility, allowing the market to respond more quickly to positive signals.
Tran Thi Hong, Crypto Expert at Financial Research Institute, 2024
Analysts believe that the 4.70% daily increase is significant when considering the short-term adjustments frequently occurring with top cryptocurrencies like ETH. Factors such as network events, upgrades, or global economic news are often the primary causes.
How does ETH's price movement compare to Bitcoin recently?
According to statistics for Q2/2024, ETH shows higher average volatility than Bitcoin due to its stronger liquidity and development community. ETH typically responds more quickly to events in the DeFi and NFT ecosystem.
| Criteria | Ethereum (ETH) | Bitcoin (BTC) |
|---|---|---|
| Latest trading price (17/7) | $3,397.21 | ~$29,000 (estimated) |
| Price movement in 24 hours | +4.70% | +2.30% |
| Characteristics | Dynamic in DeFi, NFT, Smart Contract | Value storage, large transactions |
Frequently Asked Questions
Can ETH quickly recover above $3,400?
Based on current data and market trends, ETH's recovery above the $3,400 threshold is entirely feasible due to increased liquidity and positive investor sentiment.
What caused the 4.70% price movement of ETH during the day?
The movement primarily stems from the impact of the global cryptocurrency market, updated news, trading activities, and events in the Ethereum ecosystem.
Is OKX exchange data reliable for market analysis?
OKX is one of the large and reputable exchanges, providing transparent and practical data to help investors accurately assess market conditions.
How is ETH affected by events in the DeFi ecosystem?
Events in DeFi can create significant price movements for ETH due to its direct relationship with Smart Contracts and Tokens on the Ethereum network.
What is the significance of comparing ETH and Bitcoin movements?
The comparison provides an overview of each cryptocurrency's sensitivity to different market factors, helping investors diversify their strategies.
