Ethereum Price Forecast – ETH/USD Completes 50% Fibonacci Retracement!
Arslan Butt • 2 min read
ETH/USD closed at 2237.31 after placing a high of 2338.53 and a low of 1948.93. ETH/USD dropped for three consecutive days and reached near 2100 level following the recent crypto market crash. On Friday, Ethereum prices reached their new all-time high ATH at 2544 level; however, from there, ETH started to reverse. The bearish momentum continued for three days, and prices reached their lowest since April 4th. The Ethereum prices fell below 2000 level after 2-weeks amid the recent decline in the cryptocurrency market that is supposedly triggered by the latest ban of cryptocurrency transactions in Turkey.
On Friday, the Central Bank of the Republic of Turkey (CBRT) announced a ban on cryptocurrency transactions that restricted the payment service provider from dealing in digital assets of any kind. This move from CBRT came as the country’s fiat currency was failing after President Erdogan dismissed the governor of the central bank. The interest of investors shifted towards digital assets due to their increased popularity and high inflation in the country. Turkey saw a massive spike in the number of Google searches for Bitcoin during the last few weeks. This resulted in a ban on cryptocurrency transactions in the country to secure the Turkish Lira from falling further.