Ethereum Kimchi Premium Spikes to 8.2% Indicating Possible Sell-Off
The price of Ethereum is attempting a recovery but remains below the critical $4,000 mark after recent volatility.
- Ethereum's price had surged above $4,200 but has since fallen back under $4,000.
- The downturn from October 10 continues to impact investor confidence.
- The "Kimchi Premium," an indicator of South Korean traders' willingness to pay more for cryptocurrencies, has risen to 8.2%, its second-highest level this year.
Kimchi Premium Impact
- The Kimchi Premium indicates extreme retail FOMO and potential price peaks.
- Historically, high Kimchi Premium levels have led to market corrections.
- Increased selling on Korean exchanges due to the premium might pressure Ethereum’s price further.
- The last significant Kimchi Premium in January coincided with Ethereum's drop to around $1,500.
Current Price Status
- Ethereum is currently priced at approximately $3,875, showing stability over the last 24 hours.
- The cryptocurrency market, expected to be bullish in October, has not met investor expectations, with Ethereum down nearly 10% this month.
