Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800
June 11 2022 - 3:55AM
NEWSBTC
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. In spite of these little
losses, the bearish momentum has prevented ETH from breaking
through the $1,800 barrier in the last seven days. 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’s stricter monetary policies. At the 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 hours. Suggested Reading |
Ethereum Market Cap Cut By Over $100 Billion Last Month The
Ethereum price has continued to tumble under the dynamic resistance
of the descending trendline since last month. The aggressive
sell-off ETH/USDT pair seen during mid-May surpassed the January
low of $2170. However, in the face of a growing instability in the
crypto market, the selling pressure fell, resulting in a slow yet
steady decline. Ethereum Still Managed To Pull Up 0.33% In spite of
Ethereum’s intraday low of $1,761, a review of the previous week
reveals a 0.33 percent price growth. This has allowed ETH to remain
above the $1,750 level, despite attempts by the bears to lower the
price. ETH total market cap at $201 billion on the daily chart |
Source: TradingView.com 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.
Since the first half of last month the 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. Suggested Reading | Dogecoin
Market Cap Shed $6-B Last Month – Will Bearish Pressure Continue
The Pulldown? Still Retaining Strength In Terms Of Market Cap
Ethereum remains the month’s second-largest digital asset by market
capitalization. In May, ETH had a market capitalization of
approximately $235 billion. The decline in Ethereum’s market
capitalization can be traced to a broader selloff of digital assets
over the past few weeks. 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. Economists believe that
tighter budgets could limit demand for digital assets. Featured
image from The VR Soldier, chart from TradingView.com
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