Markets were further pained as major cryptocurrencies Bitcoin and Ethereum slid on macroeconomic pressures and other factors. At the time of writing, the top altcoins ether Lost about 7% on the weekly time frame.
This is reflected in other altcoins, if not all, moving alongside ETH. However, if crypto slides further downward, will it hit the broader market as well?
ftx shockwave still felt
Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then it seems to be normal as are other cryptos.
However, the decline in ETH price started after reaching an all-time high of $4,635 in December last year. Since then, crypto has seen massive ups and downs, but mostly the latter.
Ethereum network fees dropped from $12.8 million on June 13 to $2.9 million per day, as the price of Ether plummeted. The total value locked (TVL) in Ethereum-based smart contracts also decreased by 4.5% over the past 24 hours.
Other Factors At Play For ETH
ETH has suffered more as a result of recent events. For example, the US Federal Reserve is raising Rate of interest The price took a hit last week, allowing the bears to continue testing the current support price range at $1,164.
Further market pain is to be predicted if the coin breaks its current support. Large number of altcoins heavily featured in Coingecko’s top 10 list correlated For ETH, it is therefore important for the altcoin market.
Thus, if ETH declines, other cryptocurrency holders may interpret this as a sign of market weakness, resulting in more market misery. ETH is trading at $1,184, down 0.2% over the past 24 hours.
The total market capitalization of ETH is falling and is stable at $144 billion today Chart: Tradingview.com
Ethereum: A Fight Ahead Anticipated?
Today, major indexes such as the S&P 500 and the Dow Jones declined by a few percentage points as a result of fears of an economic recession. recessionWhich affects the sentiment around crypto.
Ethereum May Have Difficulty…
