Panic Among $ETH Holders as Funds Pour Into New Dogecoin Challenger
There’s panic among holders of Ethereum native $ETH token as the $310 billion market cap coin, the second largest cryptocurrency behind Bitcoin ($BTC) posts greater overnight and over-the-fortnight losses than its fearsome rival.
According to the data, at Ethereum’s current price of $2,571, it’s about 4% down overnight and 16.5% down from its price this two Fridays ago.
Over the period under examination, $BTC fell 3% overnight and 9% over the fortnight, which highlights proportionally greater losses for Ethereum’s community since the market-wide crypto crash on Monday August 5.
According to the price chart, $ETH is about 26.5% down from the $3,500 resistance level throughout most of the summer so far.
Over the last six months $ETH holders had strong support around the $2,800 mark, but the recent crash bottomed the token out a fraction below $2,250, as shown along the down-trending green support line.
Like Bitcoin, Ethereum’s fate is closely tied to the industry, political and macro-economic news cycle.
The possibility of rate cuts from The Fed, along with the election of the pro-crypto 2024 US Republican Presidential challenger Donald Trump could help restore global confidence in crypto in the coming months.
This would be a boon to the Ethereum community, which currently houses the largest network for blockchain-based commerce, financial services and gaming.
Nine spot Ethereum ETFs debuted on US markets back at the end of July, offering traditional investors a regulated vehicle to invest in Ethereum with.
Collectively, eight of them have seen inflows, which currently total about $2 billion.
Crypto fans are broadly united in their conviction that $ETH will recover and continue growing in spite of monetary panic.
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