Ethereum price has plunged lower over the past day as a result of strong selling pressure in the altcoin market, especially XRP

Ethereum price has dropped to lower lows over the past day due to strong selling pressure on the altcoin market. First, it all started with XRP after it was announced that the US Securities and Exchange Commission (SEC) would sue the Ripple company. And now it’s ETH’s turn to be trading around $ 583, down nearly 8% over the past 24 hours.

ETH/USD 4-hour chart | Source: TradingView

Ethereum price drops below $ 600

Many are still not too sure what happened to Ethereum and the rest of the crypto market there.

Analysts say that Ethereum needs to close above the $ 600 zone to ensure that it remains in a technically bullish position. The chart below has been shared following the dumping, which shows that ETH is currently below key technical support levels that have held almost the entire rally over the past three months.

Meanwhile, on the other hand, Ethereum 2.0’s phase 0 upgrade, which launched on December 1, has somewhat satisfied investors’ long-standing expectations. According to many reviews, that could be the native token of the Ethereum network. However, for analysts, Ethereum should be judged on its own merits rather than as an alternative to Bitcoin.

In the opinion of a Bitcoin investor from the early days, when Bitcoin hit an all-time high, the number one cryptocurrency by market capitalization showed the potential for a higher price increase but also posed a challenge for new investors because both opportunities and risks increase.

It seems that investors are looking for a new opportunity in the crypto market at an affordable price. Since Ethereum is trading 59% lower than its all-time high of $ 1,432.88, it is arguably more profitable than Bitcoin. Furthermore, the Ethereum 2.0 upgrade also allows for increased scalability, security, and efficiency.

Some analysts say that as more institutions pour money into bitcoin and push its price up, Ethereum and other cryptocurrencies will gradually split away from Bitcoin.

You can see the ETH price here.