Further pain was inflicted on the markets as major cryptocurrencies Bitcoin and Ethereum slipped on macroeconomic pressures and other factors. As of time of writing, the top altcoin has lost nearly 7% in the weekly timeframe.
This is reflected in the other altcoins as most, if not all, move alongside ETH. However, if the crypto slides further downwards, will it deal a heavy blow on the broader market as well?
Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then that seems normal as other cryptos are, as well.
The decline in ETH’s value, however, began after it reached a record high of $4,635 in December of last year. Since then, the crypto has had massive highs and lows, but mostly the latter.
With Ethereum network fees plummeting to $2.9 million per day from $12.8 million on June 13, the price of ether plunged. The total value locked (TVL) in Ethereum-based smart contracts were also down by 4.5% in the last 24 hours.
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Other Factors At Play For ETH
More suffering has been inflicted on ETH as a result of recent occurrences. For instance, the U.S. Federal Reserve raising last week took a toll on its price, allowing the bears to continue testing the present support price range of $1,164.
Further market pain is to be predicted if the coin breaks its current support. The bulk of altcoins on the top 10 list of Coingecko are heavily to ETH, so this is significant for the altcoin market.
Thus, if ETH declines, other cryptocurrency holders may interpret this as a sign of market weakness, resulting in greater market misery. ETH is trading at $1,184, down 0.2% in the last 24 hours.
ETH total market cap on a descent and settles today at $144 billion | Chart:
Ethereum: Further Struggle Anticipated?
Today, prominent indices such as the S&P 500 and Dow Jones have declined by a couple of percentage points as a result of the fear of an economic , which impacts sentiment around the crypto.
Ethereum may have difficulty retaining investors if further rate hikes occur at the beginning of the of next year.
Despite the fact that the altcoin is down 7% in the last seven days, we expect to see a slight bullish pullback so that we may once again test the $1,222 level as resistance.
Currently, the prior price fluctuations of the token indicate that a recovery is forming. However, this is counterbalanced by negative macroeconomic causes and a very pessimistic market mentality, which is a continuation of the bear market that preceded the current events.
Investors and traders should be cautious as the current market volatility might invalidate long positions in the short-term. If ETH continues to backpedal, there will be no doubt that there will be pain for altcoins.
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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