Ethereum Price Prediction as Daily Trading Volume Reaches Bitcoin Level – What's Going On

cryptonews.com:

The Ethereum price has fallen by 2% in the past 24 hours, with its drop to $1,831 following a hack on Curve that resulted in the theft of around 2,800 ETH.

However, the hacker(s) responsible for the exploit was frontrun by a bot, with the deployer of this bot returning the funds back to the DeFi platform.

This means that ETH's fall today is not entirely the result of the Curve hack, with the altcoin also being brought down by market-wide negativity, which has affected most coins.

ETH can therefore be expected to recover again soon enough, with the coin's fundamentals putting it in a strong position to lead future market rallies.

ETH's chart makes it clear that the altcoin should be due to rebound anytime soon, with its indicators in oversold positions that need correction.

Its relative strength index (purple) fell below 30 yesterday, meaning that the coin has been oversold to the point where new buyers may arrive in order to buy it at a discount.

ETH's 30-day average (yellow) has also fallen a long way below its 200-day average (blue), which again suggests that the coin should be rising back up in the near future.

On the other hand, ETH's support level (green) has fallen consistently in the past three weeks, so it's hard to rule out the possibility that the altcoin may fall a little further before recovering.

As noted above, the main thing that triggered ETH's noticeable drop yesterday was the aforementioned Curve hack, with the DeFi platform tweeting over the weekend to confirm that it was the result of a vulnerability affecting pools using the Vyper programming language.

This disclosure certainly caused ETH to drop, given that Vyper is a coding language used largely for Ethereum, yet the fullest extent of the impact was likely