{"id":172854,"date":"2023-10-12T15:54:43","date_gmt":"2023-10-12T10:24:43","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=172854"},"modified":"2023-10-12T15:54:43","modified_gmt":"2023-10-12T10:24:43","slug":"eth-market-falls-as-bitcoin-climbs-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/eth-market-falls-as-bitcoin-climbs-crypto-news\/","title":{"rendered":"ETH Market Falls As Bitcoin Climbs – Crypto News"},"content":{"rendered":"

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Ethereum price is once again dealing with immense selling pressure while bulls move swiftly to defend support at $1,550. The hype around the approval of a bunch of Ether futures ETFs early last week propelled ETH to $1,750 but a weak crypto market structure coupled with profit-taking among investors cut short the recovery, leading to a sharp dive.<\/p>\n

The largest smart contracts token although barely unchanged over the last 24 hours, is down 4.6% in a week to trade at $1,557 on Thursday. Approximately $7.5 billion in trading volume has come in during the same period while Ether\u2019s market capitalization holds at $187 billion.<\/p>\n

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Ethereum Cedes Ground As Bitcoin Gains<\/h2>\n

Ethereum is ceding ground to the largest cryptocurrency,\u00a0Bitcoin as investors seek exposure to the most popular digital asset<\/a>\u00a0amid the ongoing geopolitical tensions caused by the war between Israel and Hamas.<\/p>\n

Since June, Ethereum\u2019s market value has shrunk by 18% while Bitcoin lost around half of the same amount in the period to $522 billion. In the last seven days, market value decreased by 4.6% compared to Bitcoin\u2019s 2.9% drop to $26,792.<\/p>\n

This downward trend has led to a drop in Ethereum\u2019s percentage of the total market capitalization to 17.9% from approximately 18.4% at the beginning of 2023. According to market data aggregated by CoinMarketCap, Bitcoin has come up stronger with its market value rising from 40% at the beginning of the year to 50%.<\/p>\n

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According to Bloomberg, the Ethereum network has suffered significant setbacks in the last few weeks, with network activity and gas fees dwindling. At the same time, the token\u2019s supply has been on an upward trajectory following months of deflation.<\/p>\n

Investors are also choosing\u00a0Bitcoin over Ethereum<\/a>\u00a0as the war in the Middle East rages on. Ethereum has increased by 32% this year, slightly less than half of Bitcoin\u2019s 66% growth.<\/p>\n

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\u201cIn fact, Ether has been massively underperforming the broad market since the Merge, with both the ETH\/BTC price and volume ratio trending downwards over the past year,\u201d research firm Kaiko said in a report. \u201cEther\u2019s underperformance is likely due to the ongoing impact of the bear market, which historically has seen traders turn to Bitcoin.\u201d<\/p>\n

Ethereum Price On The Verge of A Bigger Dip<\/h2>\n

Ethereum price<\/a>\u00a0is holding below all the bull market moving average indicators including the 21-week Exponential Moving Average (EMA), the 100-week EMA, and the 200-week EMA.<\/p>\n

The Relative Strength Index (RSI) reinforces the bearish outlook as the indicator drops below the midline (50) heading toward the overbought region (below 30).<\/p>\n

\"Ethereum<\/a>
ETH\/USD weekly chart | Tradingview<\/figcaption><\/figure>\n

Losing support at $1,550 would mean abandoning a potential trend reversal due to the formation of a falling wedge pattern on the weekly chart. The next possible support area from here is the buyer congestion at $1,450 but traders cannot rule out extended losses to $1,230 and $1,050, respectively.<\/p>\n

An immediate recovery would be possible if bulls stand their ground at $1,550 and push to reclaim higher support at $1,600. This move would be enough to call investors back with the anticipation of a falling wedge pattern breakout targeting $1,800 and highs above $2,000.<\/p>\n

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Ethereum price is once again dealing with immense selling pressure while bulls move swiftly to defend support at $1,550. The hype around the approval of a bunch of Ether futures ETFs early last week propelled ETH to $1,750 but a weak crypto market structure coupled with profit-taking among investors cut short the recovery, leading to […]<\/p>\n","protected":false},"author":2,"featured_media":172855,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-172854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=172854"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172854\/revisions"}],"predecessor-version":[{"id":172857,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/172854\/revisions\/172857"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/172855"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=172854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=172854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=172854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}