Ethereum price has been in the red for the past few days, hovering around its lowest level since June 2023 amid global economic uncertainty. Ethereum, the world’s second-largest cryptocurrency and the biggest altcoin by market cap, has crashed by nearly 13% in the month to date but remains 37% higher in the year to date. At press time, ETH was trading 1.15% lower at $1,639.80. Ethereum’s total market capitalization has slipped over the past 24 hours to $197 billion, while the total volume of the asset traded over the same period jumped by more than 60%.
Ethereum price has been trading sideways for the past few days amid weak crypto market sentiment and concerns about the Fed’s monetary path. Bitcoin, the largest cryptocurrency by market cap, has dropped below the crucial level of $26,000, weakening the crypto market sentiment further. Altcoins such as XRP, Cardano, Solana, Cardano, Polygon, and Shiba Inu among others, have dipped by more than 2% each over the past week.
Data by Coinmarketcap shows that the global crypto market cap has declined to $1.05 trillion, with the total cryptocurrency market volume increasing by 38% for the day. Bitcoin’s dominance has remained unchanged over the same period. The Crypto Fear and Greed Index shows an extreme fear level of 35, indicating that investors are about to sell irrationally.
The US dollar index, which measures the performance of the greenback against six major currencies, was barely unchanged at 104.135 on Monday, slightly below its highest level since June. The US Treasury yields were also in the red on Monday, with the yield on the benchmark 10-year Treasury yield lower at 4.228% and the 30-year Treasury note at 4.27%.
Investors have remained focused on the remarks made by the Federal Reserve chair Jerome Powell last week during the Fed’s annual Jackson Hole retreat. Powell noted that the inflation rate remains high above the policymakers’ 2% target and that further interest rate hikes were needed to achieve their target. According to the CME FedWatch Tool, markets anticipate an 80% chance of the Fed pausing its hike campaign in its next meeting in September, but the probability of a 25-basis point hike in November is at 51%.
Markets will be closely watching several key economic data slated to be published later this week, hunting for clues on the economic outlook. The Consumer Board Consumer Confidence for August is expected to be published on Tuesday, with the Q2 quarterly GDP set to be released on Wednesday. Additionally, the Fed’s favorite inflation gauge, the core Personal Consumption Expenditures (PCE) Index data for July is due later on Thursday.
Ethereum Price Technical Outlook
Ethereum price has been trading sideways for the past few days, failing to clear the important level of $1,700 against the US dollar. The asset has been range-bound, trading between the tight range of $1,680 and $1,645. As seen on the daily chart, Ethereum remains below the 50-day and 200-day exponential moving averages, as well as the 50-day and 100-day simple moving averages. The asset’s price is facing a potential death across, which happens when the 50-day EMA crosses below the 200-day EMA.
As such, I expect the Ethereum price to continue moving sideways in the ensuing sessions as it struggles to find direction. ETH could start a fresh decline if it breaks below the immediate support level of $1,620. Conversely, a flip above the major hurdle at $1,700 could pave the way for further price increases.
Ethereum Price Faces Rejection at $1,620 in the Wake of Market Challenges
Ethereum price has been struggling in recent weeks on the back of its unstable on-chain performance and global economic uncertainty. The general market performance has not helped much either, as most altcoins have failed to hold an upside momentum. Ethereum, one of the most valuable assets in the cryptocurrency market, has dipped by nearly 3% in the past week and more than 5% in the month to date.
Ethereum price has been on a consistent bearish trajectory over the past few weeks against the backdrop of a dull crypto market and a stronger dollar. The dollar index, which measures the performance of the greenback against six major currencies, has been hovering around its highest level since December 2022 since Thursday. At press time, the dollar index was trading higher at 105.720. A stronger dollar tends to be bearish for risk assets, particularly cryptocurrencies.
Investors have been assessing the economic outlook, considering what could be next for interest rates and the economy, ahead of a string of key economic data due later this week. Investors will be looking at the data from the housing sector, as well as the CB Consumer Confidence data slated for Tuesday. Additionally, the quarterly GDP data for Q2 is expected to be published later Thursday, concurrently with the initial jobless claims.
The Fed’s favorite inflation gauge, the personal consumption expenditure index (PCE), is also expected to be published on Friday. Various…
Ethereum Price Slumps in the Face of Inflation Data and Fed Uncertainties
Ethereum price has been in a steep decline over the past few days amid a dull market. The largest altcoin by market cap has crashed by 14% in the month to date and nearly 3% in the past week. At the time of writing, Ethereum price was trading 1.45% lower at $1,593.45. The asset’s total market cap has dipped by nearly 2% over the last day, while the total volume of Ether traded over the same period jumped by more than 116%.
The crypto market started the week in the red, adding to the previous week’s losses amid global economic concerns. Bitcoin, the premier cryptocurrency, has also been on a decline for the past few days, weakening the overall crypto market sentiment. Major altcoins, including BNB, XRP, Dogecoin, Cardano, and Solana, have also inched lower in tandem with the general market movement.
The Crypto Fear & Greed Index, which measures the crypto sentiment by market participants, has declined to a fear level of 35, slightly lower compared to last week’s Fear level of 37. This indicates a decline in risk appetite by investors, which could prompt an increase in selling pressure. The global crypto market cap has decreased by more than 1% over the last day to $1.02 trillion, its lowest level since June.
Investors are bracing themselves for the release of inflation data for August in the week ahead, with the Consumer Price Index…
Ethereum Price Holds Steady Amid Waning Risk Appetite: What Next?
Ethereum price has been trading sideways for the past few weeks after facing a strong rejection from the important level of $1,900. At the time of writing, Ethereum was trading slightly higher at $1,850.88. The asset’s total market cap has slipped to $222 billion, while the total volume of ETH traded over the last day jumped by more than 77%.
Ethereum price has been under intense pressure for the past few days against the backdrop of global uncertainty and a decline in market sentiment. According to Coinmarketcap, the global crypto market has crashed over the past few weeks to $1.17 trillion, while the total crypto market volume surged by nearly 50% over the past 24 hours.
Bitcoin, the largest cryptocurrency by market capitalization, has failed to start a fresh upward trajectory above the crucial level of $30,000, weakening the global crypto market sentiment. A look at the Crypto Fear and Greed Index, the key measure of the emotions driving the crypto market, shows that investors are in conservation mode. The current reading on the index is neutral at 50, down from a Greed level of 64 seen a few weeks ago.
The US dollar jumped to a five-week high on Monday after high inflation readings published last week. Data published by the Bureau of Labor Statistics on Thursday showed that the US headline inflation in July rose slightly from June. The month-on-month…
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