Ethereum
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%.
Economic Outlook
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 (CPI) and Producer Price Index (PPI) slated for Wednesday and Thursday, respectively. The inflation figures will guide the US Federal Reserve on the next monetary policy move.
Several central bank officials have indicated that economic data will be crucial in the Fed’s interest rate decisions. A string of stronger-than-expected economic data released last week renewed worries that the central bank could raise rates further than expected. According to the CME FedWatch Tool, markets are pricing in a 93% chance of a pause in the Fed’s interest rate hike campaign in its September meeting. Notably, traders are pricing in a 4 in 10 chance of a hike in November.
Investors are also closely watching the European Central Bank’s interest rate decision slated for Thursday. Markets are pricing in a 40% chance of a 0.25% hike to 4.00% by the central bank. An environment of higher interest rates tends to be bearish for risk assets, particularly cryptocurrencies.
Ethereum Price Technical Analysis
Ethereum price has been hovering around its lowest level since March over the past few hours amid a bearish market. The digital asset remains below the 25-day and 50-day exponential moving averages, as well as the 20-day and 50-day simple moving averages, as seen on the 4-hour chart. Its Relative Strength Index (RSI) has inched lower to the oversold region, indicating an increase in selling pressure.
Therefore, I expect the Ethereum price to continue falling in the short term as economic concerns continue weighing on the prices. A move below the immediate support level of $1,565 might pave the way for further losses. On the flip side, a breakout above the 50-day EMA at $1,630 could prompt a fresh upside, invalidating my bearish thesis.
Crypto
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.
Fundamental Analysis
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
Ethereum Price Faces Rejection at $1.7K Amid Potential Death Cross

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%.
Fundamentals
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,…
Altcoins
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%.
Fundamental Analysis
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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