The recent market correction has put crypto traders on the back foot, as the major downtrend in crypto has been in the last few weeks. ETH price, after the news in Ethereum ETF, was trading near the all-time high but is now down over 23%, making an undercut below the $3,000 psychological level.
With Ethereum, this correction has resulted in a major loss for crypto traders. The only token that has doubled in value from last month is DTX Exchange, which has helped traders recover some of their losses.
Will ETH Price Be Able To Hold $3,000 Mark?
After dropping nearly 23% recently, the ETH price is trying to take support above the $3,000 mark. This recovery and other indicators of demand and sentiment suggest the cryptocurrency may have paused the downtrend before the upcoming launch of spot Ethereum ETFs in the U.S. this month.
Price recoveries are common during bearish trends, but an ETH price move above $3,000 could be a chance that the ETH price can see a reversal. Over the weekend, while the broader crypto market rebounded significantly after Friday’s downturn, ETH prices struggled.
This indicates that Ethereum is experiencing weak demand as the bulls re-enter the market. The major bearish factor appears to be the delayed launch of the newly approved Ethereum ETFs, which has dominated news headlines.
DTX Saving Traders From Downfall
Amid the major correction in the market, DTX Exchange has become traders’ saviour.
DTX Exchange (DTX) is quickly becoming a major player in the trading industry. Offering 1000x leverage and combining the best features of CEX and DEX, DTX empowers traders across various markets. The platform’s liquidity pools and trading features ensure an accessible trading experience for all users.
The project raised $2 million in a successful private seed round and has already exceeded market expectations by raising $868k in the ongoing stage 2 of the presale, with over 50% of tokens sold. Priced at $0.04, the DTX token is anticipated to surge past $1 when it hits the main market in 2024.
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Disclaimer: This is a sponsored article, and views in it do not represent those of, nor should they be attributed to, ZyCrypto. Readers should conduct independent research before taking any actions related to the company, product, or project mentioned in this piece; nor can this article be regarded as investment advice. Please be aware that trading cryptocurrencies involve substantial risk as the volatility of the crypto market can lead to significant losses.
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