{"id":517428,"date":"2023-01-25T12:00:14","date_gmt":"2023-01-25T17:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=517428"},"modified":"2023-03-08T07:26:21","modified_gmt":"2023-03-08T07:26:21","slug":"what-triggered-ethereum-decline","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ethereum\/what-triggered-ethereum-decline\/","title":{"rendered":"Here\u2019s What Might Have Triggered Ethereum\u2019s Decline Below $1,600"},"content":{"rendered":"

After what has been two weeks of an incredible rally for the price of Ethereum, the digital asset seems to be running out of steam. ETH\u2019s price has now declined once more below $1,600 after a sharp downturn on Tuesday. The culprit for this seems to be growing FUD across the community.<\/p>\n

FUD Could Have Been The Trigger<\/h2>\n

According to Santiment<\/a>, the social dominance of Ethereum grew rapidly in the last couple of days. While this can sometimes be a good thing, it tells a negative story this time around. Ethereum is now dominating 21% of cryptocurrency discussion on social media and the on-chain data aggregator says this might be evidence that FUD might be behind the dip. However, this may not be the only reason.<\/p>\n

Related Reading: Money Leaves ADA, SOL To Small Cap Altcoins, Here\u2019s Where It\u2019s Headed<\/a><\/div>\n

A report from Bitcoinist<\/a> had previously shown that profit-taking in large assets such as Bitcoin and Ethereum had been ramping up with the increase in price. Santiment also highlights this in its post, pointing to the spike in the profit-taking ratio on January 20. Taking this in concert with the growing FUD, it presents a recipe for disaster for the digital asset.<\/p>\n

\"Ethereum<\/p>\n

ETH social dominance indicates FUD | Source: Santiment<\/a><\/pre>\n
Another prominent event was the Wormhole attacker started moving the stolen funds around. On Monday, the attacker moved over $155 million in ETH to OpenOcean which they proceeded to exchange for staked ETH tokens such as stETH and wstETH.<\/p>\n
The dumping of these coins on the open market saw sell pressure mount on ETH during this time. It contributed to the already declining momentum, resulting in the current dip in the price.<\/p>\n
Can Ethereum Recover From Here?<\/h2>\n
Despite the recent decline, the overall sentiment for Ethereum is still skewing largely toward buy. This is because the cryptocurrency is still trading well above its 50-day and 100-day moving averages. And even with the decline, it continues to trend around its 200-day moving average.<\/p>\n
Related Reading: Crypto Analyst Says Bitcoin Price Could See Another 30% Rally<\/a><\/div>\n
What this shows is that, at least in the short to mid-term, there is still a lot of bullish sentiment surrounding the digital asset. Add in the ample support that has built up around $1,500 over the last couple of days and Ethereum is still presenting as a formidable choice of investment.<\/p>\n
\"Ethereum<\/p>\n
ETH price falls below $1,600 | Source: ETHUSD on TradingView.com<\/a><\/pre>\n
Investors are also seeing good profits during this time with 57% of all holders in profit. Figures like these also help to push a bullish narrative for the digital asset as more investors try to take advantage of the dip and move into the green. Overall, as long as ETH maintains its momentum and trading volume continues rising, it\u2019ll retest the $1,600 resistance once more.\u00a0<\/span><\/p>\n
ETH\u2019s price is changing hands at $1,555 at the time of this writing. Its price is down 5.27% in the last 24 hours but trading volume is up 11.91% over the same time period to be sitting at $9.32 billion.<\/p>\n
Follow Best Owie on Twitter<\/a> for market insights, updates, and the occasional funny tweet\u2026 Featured image from Bitcoinist, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
After what has been two weeks of an incredible rally for the price of Ethereum, the digital asset seems to be running out of steam. ETH\u2019s price has now declined once more below $1,600 after a sharp downturn on Tuesday. The culprit for this seems to be growing FUD across the community. FUD Could Have Been The Trigger According to Santiment, the social dominance of Ethereum grew rapidly in the last couple of days. While this can sometimes be a good thing, it tells a negative story this time around. Ethereum is now dominating 21% of cryptocurrency discussion on social media and the on-chain data aggregator says this might be evidence that FUD might be behind the dip. However, this may not be the only reason. Related Reading: Money Leaves ADA, SOL To Small Cap Altcoins, Here\u2019s Where It\u2019s Headed A report from Bitcoinist had previously shown that profit-taking in large assets such as Bitcoin and Ethereum had been ramping up with the increase in price. Santiment also highlights this in its post, pointing to the spike in the profit-taking ratio on January 20. Taking this in concert with the growing FUD, it presents a recipe for disaster for the digital asset. ETH social dominance indicates FUD | Source: Santiment Another prominent event was the Wormhole attacker started moving the stolen funds around. On Monday, the attacker moved over $155 million in ETH to OpenOcean which they proceeded to exchange for staked ETH tokens such as stETH and wstETH. The dumping of these coins on the open market saw sell pressure mount on ETH during this time. It contributed to the already declining momentum, resulting in the current dip in the price. Can Ethereum Recover From Here? Despite the recent decline, the overall sentiment for Ethereum is still skewing largely toward buy. This is because the cryptocurrency is still trading well above its 50-day and 100-day moving averages. And even with the decline, it continues to trend around its 200-day moving average. Related Reading: Crypto Analyst Says Bitcoin Price Could See Another 30% Rally What this shows is that, at least in the short to mid-term, there is still a lot of bullish sentiment surrounding the digital asset. Add in the ample support that has built up around $1,500 over the last couple of days and Ethereum is still presenting as a formidable choice of investment. ETH price falls below $1,600 | Source: ETHUSD on TradingView.com Investors are also seeing good profits during this time with 57% of all holders in profit. Figures like these also help to push a bullish narrative for the digital asset as more investors try to take advantage of the dip and move into the green. Overall, as long as ETH maintains its momentum and trading volume continues rising, it\u2019ll retest the $1,600 resistance once more.\u00a0 ETH\u2019s price is changing hands at $1,555 at the time of this writing. Its price is down 5.27% in the last 24 hours but trading volume is up 11.91% over the same time period to be sitting at $9.32 billion. Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet\u2026 Featured image from Bitcoinist, chart from TradingView.com<\/p>\n","protected":false},"author":541,"featured_media":517430,"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":[8323,16163,1946,8686,78803],"class_list":["post-517428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-eth","tag-eth-price","tag-ethereum","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\nHere\u2019s What Might Have Triggered Ethereum\u2019s Decline Below $1,600<\/title>\n<meta name=\"description\" content=\"After what has been two weeks of an incredible rally for the price of Ethereum, the digital asset seems to be running out of steam. 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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":"Here\u2019s What Might Have Triggered Ethereum\u2019s Decline Below $1,600","url":"http:\/\/wncen.com\/news\/ethereum\/what-triggered-ethereum-decline\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/ethereum\/what-triggered-ethereum-decline\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Grayscale-Bitcoin-Trust-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Grayscale-Bitcoin-Trust-1.jpeg?fit=1201%2C720"},"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 price","ethereum","ethusd","ethusdt"],"dateCreated":"2023-01-25T17:00:14Z","datePublished":"2023-01-25T17:00:14Z","dateModified":"2023-03-08T07:26:21Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here\\u2019s What Might Have Triggered Ethereum\\u2019s Decline Below $1,600\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/what-triggered-ethereum-decline\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/ethereum\\\/what-triggered-ethereum-decline\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Grayscale-Bitcoin-Trust-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Grayscale-Bitcoin-Trust-1.jpeg?fit=1201%2C720\"},\"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 price\",\"ethereum\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2023-01-25T17:00:14Z\",\"datePublished\":\"2023-01-25T17:00:14Z\",\"dateModified\":\"2023-03-08T07:26:21Z\"}<\/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\/01\/Grayscale-Bitcoin-Trust-1.jpeg?fit=1201%2C720","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517428"}],"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=517428"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/517428\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/517430"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=517428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=517428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=517428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}