Ethereum Price Analysis - How Ethereum Performed this Week?

What’s up, Hodlers,  you’re tuned in to HODL FM for our weekly price analysis, assessing the movers and shakers of the crypto world.

Brief spotlight on Ethereum’s market perfomance:

• Weekly price change for Ethereum (ETH): Ether price is down by 1.85% over the last seven days to $2,310.
• Ethereum (ETH) Market Capitalization: ETH market capitalization moved down from $283.92 billion to $277.65 billion in the last one week
• Ethereum Market Dominance: Ether market dominance is down by 4.16% over the last seven days.
• Performance of Top Ethereum Memes: The top gainers of the week were  SquidGrow (SQGROW), a yield farming strategies meme coin that posted a staggering 212617937.51% positive gain, followed by Baby DogeCoin (BabyDoge) and PepeCoin (PEPECOIN), which posted impressive weekly gains of 91% and 31.86% respectively.
• Ethereum ETF Flows: Ethereum exchange traded funds registered $9.5 million outflows on September 16.

Ether’s having a rough time, like that one guy who just can’t get it together. It’s still limping behind Bitcoin, and with Bitcoin flexing at a 58% dominance, Ether’s basically left wondering if this is rock bottom or if it’s about to dig an even deeper hole. 

For many altcoin retailers, the one million dollar question remains,  is this the floor for Ether? Or is it still auditioning for a supporting role in Bitcoin’s one-man show?

Crypto meme of the week:

Ether’s price against Bitcoin , the ETH/BTC pair just hit its lowest point since 2021, like it’s stuck in a time warp. 

According to Alex Thorn, head of research at Galaxy, who chimed in on X  that this could spell even more trouble for Ether. 

Basically, the largest altcoin is in a bit of a free fall, and Thorn’s only here to let us know there’s no parachute if things continue going south.

ETH/BTC just hit a 0.03 handle for the first time since April 2021—basically Ether’s been on a downhill roller coaster for 3.5 years.

 It's down 53% since the Merge in Sept. 2022, which feels more like a ‘splurge’ of losses. So, what's gonna stop this train? 

Well, we’re still looking for the brakes or assembling our flying apparatus before hitting rock bottom.

Some folks think Ether’s in even bigger trouble. Investor and mathematician Fred Krueger pointed out that ETH is on the “edge of collapse” against Bitcoin. 

 Krueger also mentioned that not all ETFs are “created equal,” he demonstrated this by showing Bitcoin and Ether ETF inflows on a Sept. 16 X post. 

Basically, Ether’s tightly hanging on the ropes, and Krueger’s just handing out popcorn, waiting for the next move.

Ethereum Price Analysis

Ether tried to make a comeback, touching $2,414 on Sept. 15, but it got smacked down at the 20-day EMA. 

Now, it’s teetering around the $2,300 support level, clinging to it like it’s the last lifeboat on the Titanic.

The 20-day EMA is sloping downward, and the RSI is stuck in the negative zone, which means the bears are in control. 

Sorry, bulls, you’ll have to waive at the bus from the sidewalk, as bears take the steering wheel. 

And if Ether keeps sliding and closes below $2,300, we could be looking at a trip down to $2,111. And if that support breaks, the downtrend may officially kick back into gear. The first glimmer of hope for Ether will come with a rally above the moving averages. If the ETH/USDT pair can pull off that stunt, it might claw its way back to $2,850. 

But don’t get too excited yet because the buyers need to bulldoze through that resistance before we can even start talking about a trend reversal.

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