Ethereum Prices Down For 4th Straight Session As ETH Trades Below $1,800

Christian Encila

3 years ago

2 mins read

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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.

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

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.

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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