Why ETH price keeps decreasing?

[Cling18]

Hi everyone. I'd like to get your take on this since I'm not really sure what am I missing here.

Although one would anticipate that the price of ETH should increase given that the supply has decreased by over 5,500 since last Saturday, for some reason, ETH prices haven't exactly seen the coresponding price boost despite lowered supply.

Why hasn't this had a beneficial effect on the price of ETH?

Original source:

https://twitter.com/thetokenist/status/1580532690360872961

https://tokenist.com/ethereum-turns-deflationary-but-drops-7-as-market-stays-uncertain/

The price of Ethereum is decreasing due Bitcoin price is down. The whole market price is down. But no one has the exact problem of why the price of altcoins is down. So let's see the price of Ethereum go up and further down in the future.

We can't expect Ethereum to strike high when the market is still in a bearish situation. There are also lots of events and occurrences that affect the price of Ethereum. Even the global economy is in a bad state so Ethereum alone can't rise and recover. We all know that most altcoins rely on Bitcoin which is also currently at its bearish price. I think it will still take time before Ethereum could recover.

[1715247100]

1715247100

[1715247100]

1715247100

[1715247100]

1715247100

[jaberwock]

The price of Ethereum is decreasing due Bitcoin price is down. The whole market price is down. But no one has the exact problem of why the price of altcoins is down. So let's see the price of Ethereum go up and further down in the future.

We can't expect Ethereum to strike high when the market is still in a bearish situation. There are also lots of events and occurrences that affect the price of Ethereum. Even the global economy is in a bad state so Ethereum alone can't rise and recover. We all know that most altcoins rely on Bitcoin which is also currently at its bearish price. I think it will still take time before Ethereum could recover.

Not sure if that can be applicable to eth because eth is a big coin. It was like a btc but only in the altcoin category. There are in fact times where eth increases and btc's position is still the same. That is what I am talking about but most of the times, both of them and the rest of the coins are in a downward position, that is because we are still in the bear market.

There are negative news that came within this year but they are not the main reason on why the bear market have occurred because bear markets are a natural phenomena here in crypto. It is usually paired by the bull market but negative news can contribute and make the price more down.

[KingsDen]

I understand that there is always an internal factor and global factor that drives every coin. All the recent implementations, migrations and hype of a particular coin from the developers or the community are all internal factors. And this internal factor does not overtake the global factor in terms of price.

The global factor could be the effects of FTX bankruptcy, the overstayed bear market and more. This global factor is the only thing that affects bitcoin. And once bitcoin is affected, every other coins follow suit no matter the internal arrangement of the coin developers.

[WalkerIVIV]

I think it's definitely normal for eth to lose its value in the middle of bearish like this after all it was such tough situation after the crash of ftt token that caused so many coins which has actually already losing its value in the previous luna crash, losing even more value, eth is the same like other coins and it isn't that independent against btc honestly. Surely once the trend is getting better after all these crashes, eth will recover rather easily.

[devil2man]

I don't think there is a particular reason it is only following the trend of the other altcoins which obviously follow the descent of bitcoin, unfortunately we are still in a bear market

[cheezcarls]

As of this time, the hacker of FTX has dumped a lot of ETH and into BTC. I don't think it would stop there though. Expect there will be another bunch of dumps, but I could be wrong.

This is going to be a long winter that we needed to endure, so I am not expecting for the crypto market to end the year on a high note even if it's a short term pump but could end up as a dead cat bounce.

[Gayong88]

Ethereum is on a downward trend at the moment, but in my opinion, it will bounce back from this cycle. However, even if Ethereum never recovers to its previous levels, the Ethereum community remains very active and is working hard to make Ethereum one of the most secure and trusted networks out there.

At its core, Ethereum was designed to be something new a blockchain system that is far more than just a simple currency network. Sure, ETH price drop has caused negative ripples in the market but some crypto enthusiasts maintain that its lack of utility could give rise to new take off in the future.

[tvplus006]

I don't think there is a particular reason it is only following the trend of the other altcoins which obviously follow the descent of bitcoin, unfortunately we are still in a bear market

In addition to the bear market, there is too much negative news, which also puts pressure on the price of not only Ethereum, but also bitcoin. Now everyone is closely watching how the Genesis liquidity problem will be solved. And if no one can help them financially in this, then we will see another dump of the market.

[Jancuki]

It could be that some influence of the recent bad news caused the price to fall, it could be that there was a panic and some voters sold it. But for me this can be a reference to be able to return to positive trends, especially with this good news. hopefully in the future recover quickly.

[Abiky]

Hi everyone. I'd like to get your take on this since I'm not really sure what am I missing here.

Although one would anticipate that the price of ETH should increase given that the supply has decreased by over 5,500 since last Saturday, for some reason, ETH prices haven't exactly seen the coresponding price boost despite lowered supply.

Why hasn't this had a beneficial effect on the price of ETH?

Original source:

https://twitter.com/thetokenist/status/1580532690360872961

https://tokenist.com/ethereum-turns-deflationary-but-drops-7-as-market-stays-uncertain/

Simple. The global economy deteriorated because of COVID-19 and the Russo-Ukraine war, while a major crypto exchange (FTX) collapsed. This caused Bitcoin to decline massively in price, taking along ETH and a few other cryptocurrencies down with it. You can see why the PoS upgrade had little-to-no effect over ETH's market price. If you really want to see ETH go all the way to the moon, then Bitcoin needs to rise first. Otherwise, don't count on seeing a return on your investment anytime soon.

For what I know, investing into crypto takes time and lots of dedication. There's no such thing as becoming a wealthy person overnight. Good things only comes to those who wait. I think ETH will go way above $5k once this is all over. If you keep buying ETH while it's still cheap, you'll be able to reap the benefits at a later time. Ultimately, strong hands will buy and "hodl", while weak hands will sell. As long as you don't put all of your life savings into ETH, you'll have nothing to worry about. Just my thoughts

[AakZaki]

Simple. The global economy deteriorated because of COVID-19 and the Russo-Ukraine war, while a major crypto exchange (FTX) collapsed. This caused Bitcoin to decline massively in price, taking along ETH and a few other cryptocurrencies down with it. You can see why the PoS upgrade had little-to-no effect over ETH's market price. If you really want to see ETH go all the way to the moon, then Bitcoin needs to rise first. Otherwise, don't count on seeing a return on your investment anytime soon.

For what I know, investing into crypto takes time and lots of dedication. There's no such thing as becoming a wealthy person overnight. Good things only comes to those who wait. I think ETH will go way above $5k once this is all over. If you keep buying ETH while it's still cheap, you'll be able to reap the benefits at a later time. Ultimately, strong hands will buy and "hodl", while weak hands will sell. As long as you don't put all of your life savings into ETH, you'll have nothing to worry about. Just my thoughts

Becoming rich overnight can of course be in crypto, because the high volatility of crypto makes price spikes very high with a note that you can find coins that have the potential to increase drastically. and also conversely people can become poor overnight as happened to SBF Ceo FTX who lost all his assets overnight due to FTX problems. the strong and holding them will win. Buying and holding ETH from now on will pay off well when the ETH price rises to $5k.

[MFahad]

Ethereum is second too coins and there should be no worries about Ethereum price. It better to stake it in Coinbase,then you can trade it into cbeth then from there it can be sold for cash or whatever. I recommend keeping it staked though, the returns are alright if you're prepared to just leave it. I'm planning to buy more and keep it staked so at least it's doing something instead of being sat about...

[Yatsan]

Ethereum is second too coins and there should be no worries about Ethereum price. It better to stake it in Coinbase,then you can trade it into cbeth then from there it can be sold for cash or whatever. I recommend keeping it staked though, the returns are alright if you're prepared to just leave it. I'm planning to buy more and keep it staked so at least it's doing something instead of being sat about...

Majority of cryptos' market value are falling at this period due to factors and if you guys are not new in here, you'd worry not much. Part of its volatility are periods of ups and seasons wherein prices are down or struggling to uprise, just as what we are seeing at this point. If you're quite tied at the middle, then holding would be the best thing to do and avoid selling ofcourse. If you are planning to invest on the other hand, this is a good point to buy but don't expect profit in an instant. At this moment, it is still not clear when will bullish trend enter the market. So invest only what you can afford losing(as being mentioned x10 daily in this forum LOL). However if you cannot endure market downs, then wait for the trend line to be clear before you enter.

[BlackPinker]

The last migration must have had a great impact. In addition, the gas fee of the second-tier network is really low. It is so low that I don’t want to go back to ETH. I think this is also a good thing. This is also an optimization. Although the currency price It fell, but the product is optimized and perfect.

[yazher]

We can't expect Ethereum to strike high when the market is still in a bearish situation. There are also lots of events and occurrences that affect the price of Ethereum. Even the global economy is in a bad state so Ethereum alone can't rise and recover. We all know that most altcoins rely on Bitcoin which is also currently at its bearish price. I think it will still take time before Ethereum could recover.

The market is not really looking good and it's obvious that all of the cryptocurrencies in the crypto market are not gaining high despite being all-updated and developed, unlike others. The good thing about it is they still alive and they are staying alive despite this never seen tragedy in the crypto market where people are losing their trust in Centralized Exchanges. Today we are in a good scenario when we see the other exchanges working well and doing their usual activities because of what happened, they are getting hard to acquire new customers, and also this is the same thing for the Ethereum investors as well.

[evichi]

I will attribute the decrease in Ethereum price to the bear market. The bear market is currently on and still very much felt in the crypto space. As at November 7, 2022 the value of Bitcoin was around $20,000 (https://coinmarketcap.com/currencies/bitcoin/), but today the price is around $16,4i3 which is quite significant IMO. within the same time frame Ethereum price fell from around $1,600 (November 7, 2022) to the present price of around $1,208 (https://coinmarketcap.com/currencies/ethereum/). The decrease in Bitcoin price has influence on the Ethreum price and the price of other altcoins. I think that should be a major reason for Ethreum decrease in price.

[Blawpaw]

Hi everyone. I'd like to get your take on this since I'm not really sure what am I missing here.

Although one would anticipate that the price of ETH should increase given that the supply has decreased by over 5,500 since last Saturday, for some reason, ETH prices haven't exactly seen the coresponding price boost despite lowered supply.

Why hasn't this had a beneficial effect on the price of ETH?

Original source:

https://twitter.com/thetokenist/status/1580532690360872961

https://tokenist.com/ethereum-turns-deflationary-but-drops-7-as-market-stays-uncertain/

If you look around, the whole market is crumbling down to pieces, so why should ethereum be different? The king is going down and is takingall the little kids behind. When Bitcoin falls, the most likely scenario will be to see the big majority of the cryptos following BTC. Moreover, Ethereum is a shitcoin, so I actually do not mind to see it go to 0

[usekevin]

Ethereum and bitcoin was the two potential coin in the current situation.The price is Ethereum was increased and reduce based on the current market situation.When the market was pump,you can cash out some money.It Will helps you to gain huge for sure.But whales plays some role,when the market turns to the green.So they will do the bull sale and dump the market.During that time,you need to hold your coins.Ethereum is good coin to buy at all the seasons of time.

[Silberman]

If you look around, the whole market is crumbling down to pieces, so why should ethereum be different? The king is going down and is takingall the little kids behind. When Bitcoin falls, the most likely scenario will be to see the big majority of the cryptos following BTC. Moreover, Ethereum is a shitcoin, so I actually do not mind to see it go to 0

Traders sometimes blind themselves to the truth they have right in front of their eyes, as much as ethereum lovers do not like it ethereum depends heavily on bitcoin in order to grow, recently we had the transition of ethereum from POW to POS and yet the rally everyone was expecting did not happen, and why that was the case? Because bitcoin was not bullish at the time, if ethereum went over this transition during the bull market the results would have been different, but this only shows how much ethereum and all altcoins depend on bitcoin for their growth.

[Oilacris]

If you look around, the whole market is crumbling down to pieces, so why should ethereum be different? The king is going down and is takingall the little kids behind. When Bitcoin falls, the most likely scenario will be to see the big majority of the cryptos following BTC. Moreover, Ethereum is a shitcoin, so I actually do not mind to see it go to 0

Traders sometimes blind themselves to the truth they have right in front of their eyes, as much as ethereum lovers do not like it ethereum depends heavily on bitcoin in order to grow, recently we had the transition of ethereum from POW to POS and yet the rally everyone was expecting did not happen, and why that was the case? Because bitcoin was not bullish at the time, if ethereum went over this transition during the bull market the results would have been different, but this only shows how much ethereum and all altcoins depend on bitcoin for their growth.

This is the truth on which people are really that way too advanced and really that believing that ETH could shoot up its price after the update or that event.
Its true that the market is too bearish which its not surprising that it didnt able to take off.

I dont know if the community arent really just interested with that POW to POS thing from ETH but if you do really look on bigger picture, then this thing is really that significant.

Decreasing prices is always been part of the market, you cant really just see upward movements whenever fundamentals are present.