{"id":513564,"date":"2022-12-23T18:00:52","date_gmt":"2022-12-23T23:00:52","guid":{"rendered":"https:\/\/wncen.com\/?p=513564"},"modified":"2024-06-11T07:03:38","modified_gmt":"2024-06-11T07:03:38","slug":"ethereum-stalls-at-1200","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/ethereum-stalls-at-1200\/","title":{"rendered":"Ethereum Stalls At $1,200, Why Bears Still Have The Upper Hand"},"content":{"rendered":"<p class=\"p2\">Ethereum is still closely mirroring the price of bitcoin through the bear market and that has seen its price basically stall in the last day in tandem with BTC. ETH\u2019s price is presently resting just above $1,200, and while this would have served as a good bounce-off point for the digital asset, it shows no signs of doing so.<\/p>\n<h2 class=\"p2\">Ethereum Price Stuck At $1,200<\/h2>\n<p class=\"p2\">Given the current market circumstances, Ethereum at $1,200 presents one of the best prices that the market will see for the digital asset before 2022 runs out. The momentum in the market was already on a decline but the 49% jump in Ethereum\u2019s trading volume in the last day put a perhaps temporary stop to that decline. Short-term indicators pointing towards sell points to this being temporary.<\/p>\n<p class=\"p2\">Now, for the lull in price, it can be explained by ETH\u2019s price sitting so close to the 20-day moving average of $1,247. Since there isn\u2019t much movement in the market, it makes sense that the digital asset would only try to maintain its price at just above $1,200 at this time.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/etc\/ethereum-classic-hashrate-dumps-almost-50\/\">Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC?<\/a><\/div>\n<p class=\"p2\">Bitcoin\u2019s tight correlation to the stock market has also impacted Ethereum. Although cryptocurrencies did not fall like the stock market following the release of the US GDP data on Thursday, it definitely hindered any growth from taking place in the market.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/zA8Jgp8N\/\" alt=\"Ethereum price chart from TradingView.com\" width=\"3284\" height=\"1646\"><\/p>\n<pre style=\"text-align: center\">ETH price struggling at $1,200 | Source: <a href=\"http:\/\/TradingView.com\" rel=\"nofollow\">ETHUSD on TradingView.com<\/a><\/pre>\n<h2 class=\"p2\">Why Is ETH Struggling?<\/h2>\n<p class=\"p2\">Ethereum has received some bad press over the last couple of days. One of the most prominent was when the Paxful peer-to-peer exchange <a href=\"https:\/\/twitter.com\/raypaxful\/status\/54527488?s=20&amp;t=FoVWLKR7msdnjKOfZTUB4Q\" rel=\"nofollow\">announced<\/a> that it was delisting Ethereum. CEO Ray Youssef presented the reason as \u201cIntegrity over revenue\u201d as the exchange believes that the network was not decentralized.<\/p>\n<p class=\"p2\">This stoked fears that had previously subsided following the move to proof of stake. For many, this move made Ethereum much easier to control and Youssef said, \u201cOne day you will need permission to use it.\u201d<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-refuses-to-budge\/\">Exchange Inflows, Outflows At A Stalemate As Bitcoin Refuses To Budge<\/a><\/div>\n<p class=\"p2\">Given this, the price of ETH has buckled under the pressure of the FUD it created. If bulls are unable to hold the $1,200 support, then it could send the digital asset into free fall, with no significant support until $1,140. The cryptocurrency is already headed for a close below its year-to-date peak but a close below $1,200 would see it start the new year with a very bearish outlook.<\/p>\n<p class=\"p2\">ETH is trading at $1,224 at the time of this writing, according to data from Coinmarketcap. It is up 0.64% in the last 24 hours and boasts a market cap of $149.8 billion.<\/p>\n<div class=\"disclaimer-shortcode\">Featured image from Ledger Insights, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ethereum is still closely mirroring the price of bitcoin through the bear market and that has seen its price basically stall in the last day in tandem with BTC. ETH\u2019s price is presently resting just above $1,200, and while this would have served as a good bounce-off point for the digital asset, it shows no signs of doing so. Ethereum Price Stuck At $1,200 Given the current market circumstances, Ethereum at $1,200 presents one of the best prices that the market will see for the digital asset before 2022 runs out. The momentum in the market was already on a decline but the 49% jump in Ethereum\u2019s trading volume in the last day put a perhaps temporary stop to that decline. Short-term indicators pointing towards sell points to this being temporary. Now, for the lull in price, it can be explained by ETH\u2019s price sitting so close to the 20-day moving average of $1,247. Since there isn\u2019t much movement in the market, it makes sense that the digital asset would only try to maintain its price at just above $1,200 at this time. Related Reading: Ethereum Classic Hashrate Dumps Almost 50% In 3 Months, What About ETC? Bitcoin\u2019s tight correlation to the stock market has also impacted Ethereum. Although cryptocurrencies did not fall like the stock market following the release of the US GDP data on Thursday, it definitely hindered any growth from taking place in the market. ETH price struggling at $1,200 | Source: ETHUSD on TradingView.com Why Is ETH Struggling? Ethereum has received some bad press over the last couple of days. One of the most prominent was when the Paxful peer-to-peer exchange announced that it was delisting Ethereum. CEO Ray Youssef presented the reason as \u201cIntegrity over revenue\u201d as the exchange believes that the network was not decentralized. This stoked fears that had previously subsided following the move to proof of stake. For many, this move made Ethereum much easier to control and Youssef said, \u201cOne day you will need permission to use it.\u201d Related Reading: Exchange Inflows, Outflows At A Stalemate As Bitcoin Refuses To Budge Given this, the price of ETH has buckled under the pressure of the FUD it created. If bulls are unable to hold the $1,200 support, then it could send the digital asset into free fall, with no significant support until $1,140. The cryptocurrency is already headed for a close below its year-to-date peak but a close below $1,200 would see it start the new year with a very bearish outlook. ETH is trading at $1,224 at the time of this writing, according to data from Coinmarketcap. It is up 0.64% in the last 24 hours and boasts a market cap of $149.8 billion. Featured image from Ledger Insights, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":513566,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[8323,87551,16163,1946,6931,8686,78803],"class_list":["post-513564","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-performance","tag-eth-price","tag-ethereum","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>Ethereum Stalls At $1,200, Why Bears Still Have The Upper Hand<\/title>\n<meta name=\"description\" content=\"Ethereum is still closely mirroring the price of bitcoin through the bear market and that has seen its price basically stall in the last day in tandem\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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Best is a highly skilled professional with a track record of producing engaging and informative content. With a keen eye for detail and a passion for accuracy, Best is committed to ensuring that each article published meets the highest standards of quality. Best has over six years of experience in the crypto industry and has overseen the creation and publishing of thousands of articles over the years. Best is always abreast of everything that is going on in the crypto industry in order to create and curate the most relevant content for readers. This shines through in Best\u2019s publications, which are always clear and concise, enabling easy reading and understanding for all. Best is also an avid learner and advocate for new technology. This has seen Best dive into topics in areas such as decentralized finance (DeFi), non-fungible tokens (NFTs), Layer 2 blockchains, etc. In addition to this, Best is a vocal member of the crypto community across various social media platforms such as X and Reddit. Best\u2019s work garners tens of thousands of readers monthly, who rely on the information in these publications to keep up-to-date with everything happening in the crypto community. Best\u2019s articles explore breaking news, intricate systems such as yield farming, liquidity pools, and other decentralized finance (DeFi) systems. This is because Best understands the importance of information to gaining financial freedom and believes that everyone should have access to this information. Best also believes in leveraging the blockchain for philanthropy to create the most positive social impact. This involves work with charitable organizations focused on financial literacy and education. With each article, Best lends a voice to important issues such as a more financially inclusive future, transparent systems for growth and development, and technology that is not self-serving but one that serves all of humanity. When not curating engaging content, Best can be found reading a book with a cup of hot chocolate, enjoying a Netflix series, or exploring the outdoors with Green - the world\u2019s most quiet and well-behaved Husky. Best\u2019s interests also span other industries such as art, finance, and security, attending seminars and conferences in not just the crypto industry but other industries as well. As an animal lover, Best is also involved with charities for animals, local shelters, and rescues. Best is also involved in local events that promote inclusivity, such as being a prominent member of hiking clubs and a cycling club, as well as being a part of a very happy group of animal lovers. Best is a true professional in every sense of the word, with an exceptional dedication to producing high-quality work. This shines through in Best's work on and off the clock. These include advocating for inclusive crypto education for all, the impact of financial illiteracy, and the benefits of adopting new technologies such as cryptocurrencies. Best\u2019s prolific career in the media industry is a testament of how hard work and dedication pays.","sameAs":["https:\/\/www.linkedin.com\/in\/best-owie-41a150178\/","https:\/\/x.com\/https:\/\/twitter.com\/BestOwie"],"url":"https:\/\/wncen.com\/author\/owiebest\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Ethereum Stalls At $1,200, Why Bears Still Have The Upper Hand","url":"http:\/\/wncen.com\/news\/ethereum\/ethereum-stalls-at-1200\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/ethereum-stalls-at-1200\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Ethereum.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/12\/Ethereum.jpeg?fit=850%2C550"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Best Owie"}],"creator":["Best Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["eth","eth performance","eth price","ethereum","ethereum price","ethusd","ethusdt"],"dateCreated":"2022-12-23T23:00:52Z","datePublished":"2022-12-23T23:00:52Z","dateModified":"2024-06-11T07:03:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Ethereum Stalls At $1,200, Why Bears Still Have The Upper Hand\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-stalls-at-1200\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/ethereum-stalls-at-1200\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Ethereum.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/12\\\/Ethereum.jpeg?fit=850%2C550\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Best Owie\"}],\"creator\":[\"Best Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"eth\",\"eth performance\",\"eth price\",\"ethereum\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2022-12-23T23:00:52Z\",\"datePublished\":\"2022-12-23T23:00:52Z\",\"dateModified\":\"2024-06-11T07:03:38Z\"}<\/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\/2022\/12\/Ethereum.jpeg?fit=850%2C550","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513564"}],"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\/541"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=513564"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/513564\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/513566"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=513564"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=513564"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=513564"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}