Why is Ethereum (ETH) price down today?

On top of regulatory headwinds, Ether price has actually followed the direction of Bitcoin (BTC) rate which lost the key $27,000 assistance level on May 17. Source: CryptoQuantRelated: Ordinals turned Bitcoin into a worse variation of Ethereum: Can we fix it?The rush of Ether liquidations comes as Ethereum trading volume, is down from a March 11 peak of $24.8 billion to just $1.9 billion. Source: CryptoQuantRelated: Bitcoin cost capitulation listed below $26K increases as Fridays BTC options expiration loomsHigher net deposits on centralized exchanges may translate to higher selling pressure and paired with decreased trading volume, Ether price could drop further.Investor expectations for 2023On May 12, the Ethereum Beacon Chain experienced concerns completing orders, causing deal hold-ups for over an hour.
This article does not include financial investment guidance or recommendations. Every financial investment and trading move includes risk, and readers should perform their own research when deciding.

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The Ether price drop comes a day after Chinese district attorneys vowed to split down on the NFT market.Ether price was dealt another blow with legislators in the United Kingdom declaring that crypto possessions ought to be controlled like gambling due to the high-risk nature of investing. On top of regulatory headwinds, Ether price has actually followed the direction of Bitcoin (BTC) cost which lost the essential $27,000 support level on May 17. Source: CryptoQuantRelated: Ordinals turned Bitcoin into an even worse variation of Ethereum: Can we repair it?The rush of Ether liquidations comes as Ethereum trading volume, is down from a March 11 peak of $24.8 billion to just $1.9 billion. Source: CryptoQuantRelated: Bitcoin cost capitulation listed below $26K boosts as Fridays BTC options expiry loomsHigher net deposits on centralized exchanges may equate to greater selling pressure and combined with decreased trading volume, Ether cost could drop further.Investor expectations for 2023On May 12, the Ethereum Beacon Chain experienced issues settling orders, triggering deal hold-ups for over an hour.