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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Ethereum Drops To $1,300 Amid Bear Assault, What’s Next For ETH Price?

Reynaldo Marquez
Reynaldo Marquez
3 years ago
3 mins read
Ethereum

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Ethereum has been following the general trend in the crypto market, giving back its profit obtained over the past week. The cryptocurrency was moving in tandem with Bitcoin and large cryptocurrencies, but now ETH’s price is reacting to new economic data published in the United States.

Related Reading: Bitcoin Leverage Ratio Hits New ATH, Market In For A Rough Ride?

At the time of writing, Ethereum trades at $1,300 with a 2% loss and sideways movement in the last week. Other cryptocurrencies in the top 10 by market capitalization record similar price action with the exception of XRP. This token is showing strength against the trend and continues to knock on profits over the same period.

Ethereum ETH ETHUSDT Chart 1
ETH’s price moving sideways on the 4-hour chart. Source: ETHUSDT Tradingview

Ethereum Inbound For Another Sideways Week

Data from Material Indicators (MI) shows that Ethereum is seeing some bids at its current levels. This could signal a short-term rally into previous resistance levels neat $1,340 with potential for $1,400.

As seen in the chart below, the Ethereum price has reacted relatively well to the recent price action with bid (buy) liquidity coming in at today’s low. This has supported the price of ETH allowing it to bounce into the area of around $1,340.

Ethereum ETH ETHUSDT Chart 2
ETH’s price (blue line on the chart) bounces off bid liquidity on low timeframes. Source: Material Indicators

Earlier today, the second cryptocurrency by market cap was experiencing a spike in selling from all investors, from retail to whales. However, the selling has been mitigated in recent hours with large players with bid orders of as much as $100,000 buying into Ethereum’s price action.

These players bought over $800 million in ETH on short timeframes and might be able to sustain ETH for a while. Nevertheless, ETH’s price action might be in jeopardy as the market heads into the weekend.

For Ethereum and Bitcoin, $1,200 and $18,500 are key levels to prevent a fresh leg down into the yearly lows. According to a pseudonym trader, as long as these levels hold, the cryptocurrency will hold the line with more days of sideways movement. The trader said:

The moment $18.5K or $20.5K (for Bitcoin) gives in we’ll likely see it followed by a big move. Chop chop and more chop until then. CPI on Wednesday may change it up a bit but as we speak we’re back to the middle of the range.

Ethereum And Bitcoin Poised For Incoming Volatility

On the latter, the upcoming Consumer Price Index (CPI) print for September and today’s data on the U.S. economy show that macroeconomic forces are still in control. So far, the economic data has been positive and has even surpassed expert expectations.

This is negative for Bitcoin, Ethereum, and global markets because it signals that the U.S. Federal Reserve (Fed) can keep up and even turn up the pressure to slow down inflation metrics. In that sense, next week’s CPI print could be one of the key events for ETH, BTC, and the entire industry.

Related Reading: Reef Finance (REEF) Continues With Green Days; How Long With This Last?

Talking about the potential for the Fed to take a less aggressive stance, and pivot its monetary policy, Keith Alan from Material Indicators wrote:

A FED pivot isn’t likely without something of major significance happening. The #FED wants to see consecutive months of declining CPI and increasing unemployment.

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

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

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Ad discliamer

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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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