{"id":14334,"date":"2022-12-19T14:53:35","date_gmt":"2022-12-19T18:53:35","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=14334"},"modified":"2022-12-19T14:53:35","modified_gmt":"2022-12-19T18:53:35","slug":"can-ethereum-prevent-more-losses-as-altcoin-king-eth-slips-7-in-last-7-days","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2022\/12\/19\/can-ethereum-prevent-more-losses-as-altcoin-king-eth-slips-7-in-last-7-days\/","title":{"rendered":"Can Ethereum Prevent More Losses As Altcoin King ETH Slips 7% In Last 7 Days?"},"content":{"rendered":"

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 Ether<\/a> has lost nearly 7% in the weekly timeframe.<\/p>\n

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?<\/p>\n

The FTX Shockwave Still Felt<\/h2>\n

Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then that seems normal as other cryptos are, as well.<\/p>\n

The decline in ETH\u2019s 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.<\/p>\n

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.<\/p>\n

Other Factors At Play For ETH<\/h2>\n

More suffering has been inflicted on ETH as a result of recent occurrences. For instance, the U.S. Federal Reserve raising interest rates<\/a> last week took a toll on its price, allowing the bears to continue testing the present support price range of $1,164.<\/p>\n

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 correlated<\/a> to ETH, so this is significant for the altcoin market.<\/p>\n

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\u00a00.2% in the last 24 hours.<\/p>\n\n

Ethereum: Further Struggle Anticipated?<\/p>\n

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 recession<\/a>, which impacts sentiment around the crypto.<\/p>\n

Ethereum may have difficulty retaining investors if further rate hikes occur at the beginning of the first quarter<\/a> of next year.<\/p>\n

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.<\/p>\n

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\u00a0market that preceded the current events.<\/p>\n

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.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

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 Ether<\/a> has lost nearly 7% in the weekly timeframe.<\/p>\n

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?<\/p>\n

The FTX Shockwave Still Felt<\/h2>\n

Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then that seems normal as other cryptos are, as well.<\/p>\n

The decline in ETH\u2019s 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.<\/p>\n

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.<\/p>\n

Other Factors At Play For ETH<\/h2>\n

More suffering has been inflicted on ETH as a result of recent occurrences. For instance, the U.S. Federal Reserve raising interest rates<\/a> last week took a toll on its price, allowing the bears to continue testing the present support price range of $1,164.<\/p>\n

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 correlated<\/a> to ETH, so this is significant for the altcoin market.<\/p>\n

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\u00a00.2% in the last 24 hours.<\/p>\n

Ethereum: Further Struggle Anticipated?<\/p>\n

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 recession<\/a>, which impacts sentiment around the crypto.<\/p>\n

Ethereum may have difficulty retaining investors if further rate hikes occur at the beginning of the first quarter<\/a> of next year.<\/p>\n

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.<\/p>\n

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\u00a0market that preceded the current events.<\/p>\n

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.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-14334","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14334","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=14334"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/14334\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=14334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=14334"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=14334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}