Ethereum Selling Pressure High, ETH Price Most Crisis Since 2021?

The current condition of Ethereum is considered worrying. The reason is, the ETH price continues to decline even though the prices of other crypto assets are "green". The price of ETH is currently considered the lowest since 2021.

Let's review together what the current condition of the Ethereum price chart is. Analysis of factors that influence the price of Ethereum will also be explained in this article.

Ethereum Decline Factors

Allegedly, the decline in ETH prices was due to the assassination attempt on former US president, Donald Trump, at the Trump International Golf Club in Florida.

This second assassination plot was recorded at the end of last week and affected the prices of BTC and ETH. Quoted from Decrypt, the price of ETH at that time immediately fell by around 4.2% to reach $2,315 on Monday in the European trading session.

Not only was it influenced by the second murder of Trump by the Secret Service, the fall in ETH prices was also due to anticipation of a monetary policy decision by the Fed this weekend. The Fed's decision has made the crypto market a little anxious, especially towards the end of the third quarter of 2024.

The Fed is likely to cut interest rates so that DeFi returns are attractive enough to pay attention to. However, the focus is also on rebuilding the DeFi lending market on the Ethereum mainnet. This could be used as a pump against Ethereum's poor performance price. 

ETH Price Keeps Going Down

Currently, the ratio of ETH to BTC pairs is at 0.039. This ratio is considered the lowest since April 2021. This decline in performance was analyzed starting on July 24 because the ETH/BTC pair fell below the ETH price range line between May 21 and July 24. 

Please note, the ETH/BTC pair is the price ratio of ETh and BTC. The pair shows how much BTC is needed to buy 1 ETH. 

The price of ETH to USDT also experienced a decline. When this article was written on September 17, ETH had decreased by -0.39%. Currently, the price of ETH is $2,307.

It can be seen from the Ethereum price chart above that the ETH RSI indicator is also falling below 50. Ethereum's RSI is at 43.24. This means that the selling pressure on ETH is much greater than the buying trend. 

The MACD indicator also reflects something similar. It can be seen how the Ethereum MACD line drops from the boundary line. This makes ETH's bearish trend inevitable.

Conclusion

The ETH price chart is indeed in a sad decline at the moment. However, this does not rule out the possibility that Ethereum could rise because price fluctuations in the crypto ecosystem are commonplace.

You can buy ETH when the price is decreasing like now. However, you must conduct a thorough analysis before investing. You can also learn how to buy ETH.

Bitrue can help you to carry out a detailed analysis of ETH. Bitrue also has an ETH to USD price converter feature to find out exactly how much this crypto asset is worth compared to the current dollar.