{"id":528055,"date":"2023-04-22T06:49:18","date_gmt":"2023-04-22T06:49:18","guid":{"rendered":"https:\/\/wncen.com\/?p=528055"},"modified":"2023-04-22T10:09:48","modified_gmt":"2023-04-22T10:09:48","slug":"ethereum-eth-drops-11","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum-eth-drops-11\/","title":{"rendered":"Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally"},"content":{"rendered":"

Ethereum, the world’s second-largest cryptocurrency, has seen its recent rally come to a screeching halt as Ethereum (ETH) has erased all of its gains in the wake of the highly anticipated Shanghai upgrade.\u00a0<\/span><\/p>\n

While many had high hopes for this upgrade, which promised to improve the network’s speed and scalability, the market seems to have reacted negatively to the news.\u00a0<\/span><\/p>\n

This sudden drop in price has left investors wondering what the future holds for Ethereum, and whether or not it can recover from this setback.<\/span><\/p>\n

Crypto Market Downturn Drags Ethereum Lower<\/strong><\/h2>\n

At the time of writing, the price of Ethereum stands at $1,860.72 according to <\/span>CoinMarketCap<\/span><\/a>, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%.\u00a0<\/span><\/p>\n

The past week has been even more unforgiving, with Ethereum experiencing a significant drop of 11.02%. The once high-flying cryptocurrency is now left to wonder what caused this downturn and whether it can regain its vigor in the days and weeks ahead.<\/span><\/p>\n

In recent days, the cryptocurrency markets have been displaying <\/span>signs of fragility<\/span><\/a>, largely due to anxieties about persistently high inflation, fluctuations in the stock market, and the looming threat of an economic recession, which have all contributed to dragging prices downward.\u00a0<\/span><\/p>\n

Against this backdrop, Ethereum has been experiencing a steady decline since Tuesday, a trend that has been mirrored in the wider cryptocurrency market.\u00a0<\/span><\/p>\n

Bitcoin, for instance, has suffered a drop of over 3% in the past 24 hours alone and has fallen by more than 10% from its recent peak above $30,000, currently trading at just around $27,346.<\/span><\/p>\n

ETH False Breakout Of Local Support Level: Potential Bounce-Back?<\/strong><\/h2>\n

Despite a recent fall, the price of ETH experienced a <\/span>false breakout<\/span><\/a> of the local support level at $1,896. However, a daily closure far from the $1,900 mark may trigger a bounce back toward the $1,920-$1,930 zone tomorrow.<\/span><\/p>\n

Related Reading: Shiba Inu Gets Stuck In Price Range \u2013 Will SHIB Break Free?<\/a><\/div>\n

<\/p>\n

Ethereum (ETH) market cap at $223 billion on the daily chart at TradingView.com<\/a><\/pre>\n
Related Reading: OKB Unfazed By Crypto Market Bloodshed, Rallies 22% Today<\/a><\/div>\n
On a larger time frame, the situation for Ethereum remains bearish, with the bar on the verge of closing below yesterday’s low at $1,913.60. If this happens, there is a high likelihood of further decline towards the next significant support level at $1,846, a scenario that may play out until the end of the week.<\/span><\/p>\n
Looking ahead from a midterm perspective, Ethereum’s price has retreated to the middle of a wide channel, with sellers taking control as the price remains below the crucial $2,000 mark.\u00a0<\/span><\/p>\n
This indicates that the cryptocurrency may face continued pressure and struggle to regain its bullish momentum.<\/span><\/p>\n
-Featured image from Zohr<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Ethereum, the world’s second-largest cryptocurrency, has seen its recent rally come to a screeching halt as Ethereum (ETH) has erased all of its gains in the wake of the highly anticipated Shanghai upgrade.\u00a0 While many had high hopes for this upgrade, which promised to improve the network’s speed and scalability, the market seems to have reacted negatively to the news.\u00a0 This sudden drop in price has left investors wondering what the future holds for Ethereum, and whether or not it can recover from this setback. Crypto Market Downturn Drags Ethereum Lower At the time of writing, the price of Ethereum stands at $1,860.72 according to CoinMarketCap, but the past 24 hours have not been kind to the cryptocurrency, as it has seen a slump of 4.05%.\u00a0 The past week has been even more unforgiving, with Ethereum experiencing a significant drop of 11.02%. The once high-flying cryptocurrency is now left to wonder what caused this downturn and whether it can regain its vigor in the days and weeks ahead. In recent days, the cryptocurrency markets have been displaying signs of fragility, largely due to anxieties about persistently high inflation, fluctuations in the stock market, and the looming threat of an economic recession, which have all contributed to dragging prices downward.\u00a0 Against this backdrop, Ethereum has been experiencing a steady decline since Tuesday, a trend that has been mirrored in the wider cryptocurrency market.\u00a0 Bitcoin, for instance, has suffered a drop of over 3% in the past 24 hours alone and has fallen by more than 10% from its recent peak above $30,000, currently trading at just around $27,346. ETH False Breakout Of Local Support Level: Potential Bounce-Back? Despite a recent fall, the price of ETH experienced a false breakout of the local support level at $1,896. However, a daily closure far from the $1,900 mark may trigger a bounce back toward the $1,920-$1,930 zone tomorrow. Related Reading: Shiba Inu Gets Stuck In Price Range \u2013 Will SHIB Break Free? Ethereum (ETH) market cap at $223 billion on the daily chart at TradingView.com Related Reading: OKB Unfazed By Crypto Market Bloodshed, Rallies 22% Today On a larger time frame, the situation for Ethereum remains bearish, with the bar on the verge of closing below yesterday’s low at $1,913.60. If this happens, there is a high likelihood of further decline towards the next significant support level at $1,846, a scenario that may play out until the end of the week. Looking ahead from a midterm perspective, Ethereum’s price has retreated to the middle of a wide channel, with sellers taking control as the price remains below the crucial $2,000 mark.\u00a0 This indicates that the cryptocurrency may face continued pressure and struggle to regain its bullish momentum. -Featured image from Zohr<\/p>\n","protected":false},"author":557,"featured_media":528097,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[16163,1946,4735,87675],"class_list":["post-528055","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-eth-price","tag-ethereum","tag-price-action","tag-shanghai-upgrade"],"acf":[],"yoast_head":"\nEthereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally<\/title>\n<meta name=\"description\" content=\"Ethereum, the world's 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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 \u2013 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\u2019 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 \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally","url":"http:\/\/wncen.com\/news\/ethereum-eth-drops-11\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum-eth-drops-11\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-62.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-62.png?fit=1137%2C757"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth price","ethereum","price action","shanghai upgrade"],"dateCreated":"2023-04-22T06:49:18Z","datePublished":"2023-04-22T06:49:18Z","dateModified":"2023-04-22T10:09:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum (ETH) Drops 11%, Sheds All Gains From Shanghai Rally\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-eth-drops-11\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum-eth-drops-11\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-62.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/a-62.png?fit=1137%2C757\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth price\",\"ethereum\",\"price action\",\"shanghai upgrade\"],\"dateCreated\":\"2023-04-22T06:49:18Z\",\"datePublished\":\"2023-04-22T06:49:18Z\",\"dateModified\":\"2023-04-22T10:09:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/a-62.png?fit=1137%2C757","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/528055"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=528055"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/528055\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/528097"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=528055"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=528055"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=528055"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}