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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum Trading Volume At Its Most Sluggish, ETH Price Struggles Below $1,600

Christian Encila
Christian Encila
2 years ago
2 mins read
Ethereum

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Ethereum is feeling the pressure this early, with trading volume at the receiving end and impacting the price of ETH.

A major event in the crypto industry, The Merge is eagerly anticipated by many. By combining with the Beacon Chain, Ethereum will implement a system based on proof-of-stake. This system will significantly reduce Ether’s energy consumption.

Despite the Merge’s promises of a new tomorrow for Ethereum, investors continue to have poor faith in the currency. The price of ETH plummeted significantly below the $1,500 support line on August 28 and has been stuck in that border for the past two days.

The expectations of traders are relatively modest. According to a source, trading volumes dropped by a shocking 45 percent on August 28. With a decrease in overall trading, transactions suffered a severe setback as well.

As of this writing, Ethereum is trading at $1,580, down 1.7% in the last seven days.

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Ethereum Trading Volume Sluggish

The average number of seven-day Ethereum transactions per month has decreased to 42,490. This reflects the fears and perspectives of global traders at the present time. A reduced coin price is one of the deal-breakers for the merchants.

Other coins’ prices have rebounded from recent declines. Polygon and Cardano are, at best, the most notable.

The volume of Perpetual Futures Contracts reached an all-time low as investor confidence and enthusiasm plummeted alongside a decline in network and transaction activity.

According to Glassnode, the coin reached a three-month low on the Perpetual Futures market on August 28. This was the result of the first credit crisis in the history of cryptocurrencies, which occurred in June 2022.

Recent developments such as the Terra implosion and the relatively recent speech of Federal Reserve Chair James Powell can also be ascribed to the present price of Ethereum.

Crypto Braces For Much-Anticipated Merge

After the speech, the broader financial markets responded quite badly. The major stock exchanges recorded declines of 1% to 2%. According to Coinglass data, both Bitcoin and Ethereum witnessed significant selloffs.

With the merger occurring in around 15 days, both pro and con comments have been expressed. Some are extremely hopeful about what the merger would bring to Ethereum, but others are extremely dubious about its purportedly favorable impacts on the cryptocurrency.

Meanwhile, considering the volatility of the current cryptomarket, speculation is limited. Uncertainty remains as to whether the merge would result in a flourishing future for Ethereum or a downward spiral that leaves millions in turmoil.

We can only hope that the combination will benefit the extremely shaky alternative cryptocurrency.

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ETH total market cap at $194 billion on the daily chart | Source: TradingView.com

Featured image from Coinpedia, Chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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