Ethereum
Market slowdown sees Ethereum (ETH) fall 6.5% below $3,000, Bitcoin (BTC) recovers to $58,000, Furrever Token (FURR) launches $10,000 bonanza amid a bearish feeling
Furrever Token
New York, NY, May 3, 2024 (GLOBE NEWSWIRE) — The cryptocurrency market is currently experiencing significant fluctuations, with Ethereum (ETH) And Bitcoin (BTC) faced with notable declines, while Furrever Token (FUR) is capitalizing on this turmoil with strategic community engagement. Ethereum fell below the critical $3,000 mark, reflecting a widespread market slowdown that also saw Bitcoin struggling to maintain its position above $58,000. Amid these market corrections, Furrever Token is creating buzz with lucrative competition, engaging its community and potentially attracting new investors during a volatile time for the broader crypto landscape.
Ethereum (ETH) Falls Below $3,000 as Market Turns Bearish
Ethereum (ETH), the second largest cryptocurrency by market capitalization, is currently experiencing a significant slowdown, with its price falling to around $2,881.50. This represents a sharp decline of 6.5% in a single day, intensifying traders’ concerns about the sustainability of the recent bullish momentum. On April 30, Ethereum fell sharply, crossing the critical $3,000 threshold and signaling further potential losses, possibly approaching the $2,800 low seen earlier in April 2024.
Selling pressure has been relentless, with Ethereum market behavior showing a broad and decisive shift toward bearish control. This slowdown is part of a broader market collapse, as evidenced by the dramatic 10% drop in Ethereum’s value, which aligns with a general market drop observable on daily trading charts .
Additionally, there was a significant increase in trading volume, which jumped 56% to exceed $20 billion, indicating a shift in traders’ mood towards anticipation of further declines as the week progresses. Despite earlier signs of market strength, the April 30 sell-off significantly changed the market outlook.
Now trading below the psychologically important $3,000 mark, Ethereum risks falling further to $2,800 if bearish pressure continues. Market bears are now looking for opportunities to capitalize on this momentum, with potential downside targets set at around $2,600 if the downtrend persists. Traders and investors are advised to monitor the situation closely as Ethereum remains in a bearish breakout formation, with crucial resistance capped at $3,300.
Bitcoin’s (BTC) Modest Recovery to $58,000 Overshadowed by Prolonged Bear Market Concerns
Bitcoin saw a slight rebound, climbing 1.4% over the past 24 hours to $58,679.40, as reported on May 2, 2024. Despite this modest recovery, the premier cryptocurrency remains under pressure, currently trading in below the critical support level of $60,000. This slowdown follows a significant decline from its March high of $73,740, marking a decline of approximately 22% and placing Bitcoin firmly in bear market territory, defined as a 20% decline from highs recent.
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The cryptocurrency’s failure to regain traction is primarily attributed to ongoing concerns over high interest rates in the United States. Recent statements from the Federal Reserve confirm that while no further rate hikes are immediately expected, cuts are also unlikely in the near term due to persistent inflationary pressures. This potentially prolonged high-rate environment is particularly challenging for assets like Bitcoin, which tend to thrive in low-rate, high-liquidity environments ripe for speculative trading.
Additionally, the broader crypto market has reacted cautiously to these macroeconomic factors. This week’s introduction of spot exchange-traded funds (ETFs) in the United States and Hong Kong did little to boost sentiment, as these products saw limited inflows and faced large outflows for three consecutive weeks. U.S.-based spot Bitcoin ETFs saw record outflows on Wednesday, with an alarming withdrawal of $563.7 million in a single day, highlighting investor hesitation.
In contrast, other cryptocurrencies like Ethereum and Solana have shown some resilience. Ethereum rose 3% and Solana jumped an impressive over 12%, indicating that even though Bitcoin is struggling, some altcoins are managing to capture investor interest with positive moves.
Furrever Token (FURR) Launches $10,000 Frenzy Bonanza Contest, Offering Big Rewards to Participants
Furrever Token is generating excitement within its community by launching the $10,000 Frenzy Bonanza Contest. This competition, hosted on the Gleam platform, offers participants the chance to win a significant amount of $FURR tokens by completing various activities to accumulate points. The more tasks they complete, the higher their chances of winning one of the three major prizes.
The competition is scheduled to run from May 2, 2024 at 12:00 p.m. (UTC +1) to May 9, 2024, ending at the same time, giving contestants a full week to engage and accumulate points. At the end of this period, three lucky winners will be randomly chosen to receive $5,000, $3,000, and $2,000 worth of $FURR tokens, respectively, potentially significantly increasing their crypto holdings.
Amidst market fluctuations, Furrever Token has maintained a stable price at $0.000648, becoming a reliable investment option during unpredictable market conditions. The token’s ongoing presale has raised over $1 million, demonstrating strong investor confidence and enthusiasm for its growth prospects. Currently halfway through a 10-stage presale, Furrever Token is demonstrating its potential to deliver up to 15X returns to its stakeholders.
For those looking to diversify their investment portfolios beyond typical market volatilities, Furrever Token offers a user-friendly platform accessible through its official website, furrevertoken.com. The website accepts various forms of payment, including ETH, MATIC, BNB, and USDT (BEP-20), facilitating a transparent and inclusive investment process. As it continues to attract interest from a wide range of investors, Furrever Token asserts its status as a formidable player in the ever-evolving field of cryptocurrencies.
For more information or any assistance regarding Furrever Token, contact only through the official channel at support@furrevertoken.com to avoid possible scams.
Discover the most exclusive pre-sale opportunity of 2024 now:
Furrever token official website
Visit the Furrever Token Presale
Join the Furrever Token Bonanza Contest
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Disclaimer: The information provided in this press release does not constitute an investment solicitation nor is it intended to constitute investment advice, financial advice or trading advice. It is strongly recommended that you perform due diligence, including consulting a professional financial advisor, before investing in or trading cryptocurrencies and securities.
CONTACT: Media Contact: Robert Smith https://furrevertoken.com/ support(at)furrevertoken.com
