The price of Ether has dropped 6% in the last 24 hours, falling from an intraday high of $2,425 to a low of $2,260.
Ether Price Plunge
The asset briefly dropped below $2,200 during the flash crashes of August 5 and September 7, and it is now back at levels not seen since January. Meanwhile, the broader crypto market has retreated 4.5%, with total capitalization sinking back to $2.12 trillion, though Ether has taken the brunt of the pain.
Reactions from Analysts and the Community
The move comes amid an apparent wave of ‘FUD’ on X, with even analysts and crypto industry observers seemingly jumping on the Ether-bashing bandwagon. Ethereum developer ‘antiprosynthesis’ claimed in a post on X that ‘half of my feed is ETH FUD at this point.’ Meanwhile, economist Alex Krüger compared Ethereum to Brazilian footballer Neymar Junior. Crypto analysts James Check and ‘KALEO’ also joined the ETH-bashing, posting memes about the collapse in prices and the decline against BTC. Meanwhile, ‘The Crypto Dog,’ told his 820,000 followers on X that even Bitcoin Cash has outperformed Ether in the last year. The ETH/BTC ratio is now at its lowest level since April 2021, hitting 0.038 on September 16, according to Tradingview.
External Market Influences
The ETH price slump has happened at the beginning of a very busy week for the United States, with the Federal Reserve poised to announce a rate cut on September 18. According to the CME Fed Watch tool, the odds are currently 41% of a 25 basis point rate cut and 59% of a larger 50 basis point cut. Bitfinex analysts earlier predicted that the US central bank’s widely expected rate cut could lead to a dip in the crypto market. Additionally, former US President Donald Trump has survived what mainstream media is calling a second assassination attempt on September 15. Trump was unharmed, and a suspect who fled the scene was arrested and identified as 58-year-old Ryan Wesley Routh. It is not clear whether the incident had any impact on ETH markets since crypto prices jumped following the last assassination attempt on the presidential candidate in mid-July.
The Ether and broader cryptocurrency markets remain highly volatile amid macroeconomic uncertainty and external events. Investors should stay informed and be prepared for possible price fluctuations.
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