ETH Prices Remain Down For 4th Season Trading Below $1800

Time Stamp: June 12, 2022 1:05 PM
Source Node: 1353042

ETH prices remain down for 4th season and it is trading below $1800 with prices continuously so let’s read more today in our latest Ethereum news.

In spite of the losses, the bearish momentum prevented ETH From breaking through the $1800 level in the past week. After a sluggish pace in April, the inflation surged again in May which might have a negative influence on the crypto markets already suffering from the FED’s strict monetary policies. At the time of writing, the ETH prices remain down to an intraday low of $1,761 less than a day after reaching a high of $1,812. As per the data from CoinMarketCap, the prices of ETH declined by 7% in the past day.

The Ethereum price continued to crash under the dynamic resistnace of the descending trendline since last month. The selloff for the pair seen in May surpassed the January low of $2170. In the face of the growing instability in the market, the selling pressure dropped, resulting in a slow decline. In spite of the intraday lows, the review of the past week reveals 0.33 percent price growth. This allowed ETH to remain above the $1750 level despite the many bear attempts to lower the price and other cryptocurrencies also took a beating like Solana, Avalanche, and Cardano that all retreated by 10% in the past day.

ETH price
ETH 24-hour Price Chart (Source: coingecko)

Since the first half of last month, the price of ETH dropped in response to the descending trendline and reached a new low of $1718 with many retest of the resistance indicating the major impact on the market players. Ethereum remains the second-biggest digital asset by market cap and in May, ETH has a market cap of $235 billion. The drop in ETH market cap can be traced to a broader selloff of digital assets in the past weeks. In the meantime, inflation is boosting the households to be prudent with their spending management, especially those that have lower incomes that spend a bigger portion of the budget on basics like bills and food.

As recently reported, Ethereum’s merge as the blockchain’s most awaited transition from the current proof of work to a proof of stake will be a step closer if the planned trial upgrades on the public testnet go as planned. First rolled out in 2016, Ropsten is the ETH oldest testnet which allows for blockchain development testing before deploying on the mainnet. Similar to other testnets, it is similar to the mainnet with a key difference that no real funds are at risk if technical issues occur.

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