Late Friday, Ethereum was once again feeling the pinch of the broader crypto market, trading below $1,800, as prices retreated for the fourth consecutive session.<\/p>\n
In spite of these little losses, the bearish momentum has prevented ETH from breaking through the $1,800 barrier in the last seven days.<\/p>\n
After a sluggish pace in April, inflation surged again in May, which might have a negative influence on cryptocurrency markets already suffering from the Federal Reserve\u2019s stricter monetary policies.<\/p>\n
At\u00a0the time of writing, ETH\/USD has fallen to an intraday low of $1,761, less than 24 hours after reaching a high of $1,812.90. According to data from CoinMarketCap, the price of Ethereum has declined by more than 7 percent during the past 24\u00a0hours.<\/p>\n
Suggested Reading | Ethereum Market Cap Cut By Over $100 Billion Last Month<\/p>\n
The Ethereum price has continued to tumble under the dynamic resistance of the descending trendline since last month.<\/p>\n
The aggressive sell-off ETH\/USDT pair seen during mid-May surpassed the January low of $2170.<\/p>\n
However, in the face of a growing instability in the crypto market, the selling pressure fell, resulting in a slow yet steady decline.<\/p>\n
Ethereum Still Managed To Pull Up 0.33%<\/p>\n
In spite of Ethereum\u2019s intraday low of $1,761, a review of the previous week reveals a 0.33 percent price growth.<\/p>\n
This has allowed ETH to remain above the $1,750 level, despite attempts by the bears to lower the price.<\/p>\n\n
ETH total market cap at $201 billion on the daily chart | Source: TradingView.com<\/p>\n
Other cryptocurrencies also took a heavy blow, including Solana (losing 9%), Avalanche (falling 10%), and Cardano, which has retreated by more than 10% in the past 24 hours.<\/p>\n
Since the first half of last month\u00a0the price of ETH has decreased in response to the descending trendline and has reached a new low of $1718. Multiple retests of this resistance indicate its significant impact on market players.<\/p>\n
Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month \u2013 Will Bearish Pressure Continue The Pulldown?<\/p>\n
Still Retaining Strength In Terms Of Market Cap<\/p>\n
Ethereum remains the month\u2019s second-largest digital asset by market capitalization. In May, ETH had a market capitalization of approximately $235 billion.<\/p>\n
The decline in Ethereum\u2019s market capitalization can be traced to a broader selloff of digital assets over the past few weeks.<\/p>\n
Meanwhile, Inflation is driving households to be more prudent with their spending management, especially those with lower incomes who spend a larger portion of their budget on basics, such as food and utility bills.<\/p>\n
Economists believe that tighter budgets could limit demand for digital assets.<\/p>\n
Featured image from The VR Soldier, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Late Friday, Ethereum was once again feeling the pinch of the broader crypto market, trading below $1,800, as prices retreated for the fourth consecutive session.<\/p>\n
In spite of these little losses, the bearish momentum has prevented ETH from breaking through the $1,800 barrier in the last seven days.<\/p>\n
After a sluggish pace in April, inflation surged again in May, which might have a negative influence on cryptocurrency markets already suffering from the Federal Reserve\u2019s stricter monetary policies.<\/p>\n
At\u00a0the time of writing, ETH\/USD has fallen to an intraday low of $1,761, less than 24 hours after reaching a high of $1,812.90. According to data from CoinMarketCap, the price of Ethereum has declined by more than 7 percent during the past 24\u00a0hours.<\/p>\n
Suggested Reading | Ethereum Market Cap Cut By Over $100 Billion Last Month<\/p>\n
The Ethereum price has continued to tumble under the dynamic resistance of the descending trendline since last month.<\/p>\n
The aggressive sell-off ETH\/USDT pair seen during mid-May surpassed the January low of $2170.<\/p>\n
However, in the face of a growing instability in the crypto market, the selling pressure fell, resulting in a slow yet steady decline.<\/p>\n
Ethereum Still Managed To Pull Up 0.33%<\/p>\n
In spite of Ethereum\u2019s intraday low of $1,761, a review of the previous week reveals a 0.33 percent price growth.<\/p>\n
This has allowed ETH to remain above the $1,750 level, despite attempts by the bears to lower the price.<\/p>\n
ETH total market cap at $201 billion on the daily chart | Source: TradingView.com<\/p>\n
Other cryptocurrencies also took a heavy blow, including Solana (losing 9%), Avalanche (falling 10%), and Cardano, which has retreated by more than 10% in the past 24 hours.<\/p>\n
Since the first half of last month\u00a0the price of ETH has decreased in response to the descending trendline and has reached a new low of $1718. Multiple retests of this resistance indicate its significant impact on market players.<\/p>\n
Suggested Reading | Dogecoin Market Cap Shed $6-B Last Month \u2013 Will Bearish Pressure Continue The Pulldown?<\/p>\n
Still Retaining Strength In Terms Of Market Cap<\/p>\n
Ethereum remains the month\u2019s second-largest digital asset by market capitalization. In May, ETH had a market capitalization of approximately $235 billion.<\/p>\n
The decline in Ethereum\u2019s market capitalization can be traced to a broader selloff of digital assets over the past few weeks.<\/p>\n
Meanwhile, Inflation is driving households to be more prudent with their spending management, especially those with lower incomes who spend a larger portion of their budget on basics, such as food and utility bills.<\/p>\n
Economists believe that tighter budgets could limit demand for digital assets.<\/p>\n
Featured image from The VR Soldier, chart from TradingView.com<\/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-989","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\/989","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=989"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/989\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=989"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}