Ethereum Drops Below $1,600; PancakeSwap Becomes Top Loser

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), the two most valued cryptocurrencies in the world, traded lower on Tuesday ahead of the US Federal Reserve meeting. Dogecoin (CRYPTO: DOGE), meanwhile, recorded sharp gains on Tuesday after Elon Musk disclosed that he is the Chief Executive Officer of post-merger company after Twitter deal, according to a filing made with the U.S.

Timeline of Pancakeswap, Ethereum

With stagnant prices that have left many investors of Polygon (MATIC) And Ethereum (ETH)  feeling bearish about the future of the cryptocurrency industry, it is easy to forget that there are still plenty of projects out there working hard to innovate and bring new solutions to the table. One such project is the Orbeon Protocol (ORBN), which is currently in phase 1 of its presale and is set to raise $10.5m in the next coming weeks.

Ethereum price analysis is bearish today as we have seen a lower high set at $1,600 and consolidation over the past hours. Therefore, we expect ETH/USD to soon start moving even lower, likely to test the $1,500 support later in the week.

Bloomberg expert believes Ethereum will cause a revolutionary change in the FinTech Industry soon.  “The trend of Ethereum outperforming Bitcoin still intact,” Bloomberg's McGlone says.

After a significant slump in accumulation ahead of the long-awaited Merge upgrade to the Ethereum (ETH) network that marked its transition from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm, the token's largest whales seem to be back in the ‘hodling' mode.

It might be a bear season, but new NFT projects can still gain major traction and make substantial noise. That's been best evidenced by Monday's release of ‘Art Gobblers,' an NFT collection that was created by crypto investment firm Paradigm alongside ‘Rick and Morty' co-creator Justin Roiland.

Bloomberg's lead commodity strategist Mike McGlone is predicting rallies for Ethereum (ETH) as he says the leading smart contract platform is poised to change the landscape of financial technology.

OpenSea's Ethereum (ETH) NFTs trading volume has declined for the fourth consecutive month, dropping 13% to $303M, the lowest since June 2021, according to Dune Analytics data. The post OpenSea Ethereum trading volume declines 13% appeared first on CryptoSlate.

Ethereum[ETH] kicked off this week with a slowdown of the bullish momentum that it delivered last week. Investors are now leaning towards the side of caution especially as the market enters another uncertainty period.

What happened: On Sunday a total of 849.51 Ether (CRYPTO: ETH) worth $1,327,474, based on the current value of Ethereum at time of publication ($1,562.64), was burned from Ethereum transactions. Burning is when a coin or token is sent to an unusable wallet to remove it from circulation.

Ethereum (CRYPTO: ETH) broke up from a long-term descending trendline on Oct. 25 and continued to trend higher over the days that followed to close the week up a whopping 20%. The break up from the trend line and subsequent surge higher is significant because it occurred on the weekly chart.