Ethereum (ETH) has taken a beating recently, with the price dropping 6% in just 24 hours. From an intraday high of $2,425, ETH crashed to $2,260 on September 16. This marks a low not seen since January, sending shockwaves through the crypto community. Meanwhile, the broader market also slipped by 4.5%, as Bitcoin (BTC) struggled to stay above $58,000. Crypto fans are buzzing with chatter on social media, with lots of fear, uncertainty, and doubt (FUD) surrounding ETH. Many traders are nervous about what’s next.
The Trump Factor and Ethereum
An assassination attempt on former President Donald Trump at his Florida golf club has added to the uncertainty. While Trump walked away unharmed, the event sparked intense media coverage and speculation. Some are wondering if this event influenced the recent price movements in the crypto market, including Ethereum. After all, back in July, ETH and other coins surged following a similar attempt on Trump’s life. While it’s unclear if there’s a direct connection, the chaos has certainly contributed to the jitters in the market.
Ethereum Dips Ahead of the FED Decision
As if the drama around Trump wasn’t enough, Ethereum also faces pressure from the looming Federal Reserve (FED) rate cut decision. Many traders expect a 25 or 50 basis point rate cut on September 18, which could shake the market further. Historically, rate cuts have often sent crypto prices downward, as traditional investors flock to safer assets. ETH, which recently dropped below $2,300, is now facing serious resistance as it tries to find stable ground before the FED makes its move.
Bitcoin and Ether Struggle Together
Bitcoin (BTC) hasn’t had an easy ride either. BTC recently fell back to the $58,000 level, bringing major altcoins like Ethereum along for the ride. Despite Bitcoin ETFs seeing inflows, the entire crypto market seems to be losing steam. Ethereum’s performance against Bitcoin has been especially poor. The ETH/BTC ratio is at its lowest since April 2021, signaling a tough time for ETH holders. Crypto whales have also been dumping large amounts of ETH, further amplifying the bearish sentiment.
Whales Dump Ethereum While Meme Coins Struggle
Adding to Ethereum’s woes, there’s been a noticeable uptick in ETH being moved to exchanges like Coinbase, which typically signals a sell-off. Even popular meme coins like Dogecoin and Shiba Inu have seen price dips of 4%-5%, following Ethereum’s downward trend. With Ethereum whales unloading their assets and meme coins struggling, it’s clear the market is in a risky phase. Investors are on edge, waiting for the next big move, whether it’s from the FED or more unexpected news involving Trump.
