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Ethereum

Ethereum Recent Market Decline Driven By Capitulation, Analysts Claims – Here’s Why

Godspower Owie
by Godspower Owie
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Over the weekend, Ethereum, the second largest digital asset, took a hit as its price fell significantly, triggering broader negative sentiment around the crypto asset and the factors that could be responsible for the dip. Delving into the matter, popular crypto analyst and trader Michael Van De Poppe has offered insights on the recent price action of ETH, attributing it to Capitulation.

Ethereum Price Fall Due To Capitulation

The well-known market expert, Michael Van De Poppe, provided his insights on Ethereum with the crypto community on the X (formerly Twitter) platform. His perspective points to the substantial sell-off pressure and traders’ panic, which has played a part in ETH’s collapse.

Related Reading: ETH Price Could Crash Despite Spot Ethereum ETFs Euphoria, Analyst Explains Why

According to Van De Poppe, since the listing of the spot Ethereum Exchange-Traded Funds (ETFs), ETH has been exhibiting notable weakness in the preceding weeks, falling to a new low for the first time in six months, thereby mirroring Bitcoin‘s movement.

Van De Poppe believes Grayscale’s Trust ETHE huge outflows following the launch of the spot ETH ETFs have greatly impacted the products negatively, causing weakness in ETH. On day one of trading, Poppe noted that Grayscale witnessed an outflow of over $400 million, but as of last Friday, that amount has fallen to about $60 million.

Ethereum
Capitulation close to their HTF support levels | Source: Michael Van De Poppe on X

He further points to Jump Trading’s massive liquidation strategy, as the company was cited for offloading over $500 million worth of Ethereum under 2 days after spot ETH ETFs were listed, and they have continued doing so throughout the weekend.

Although Van De Poppe considers these factors to be the major reasons for ETH‘s recent weakness, he believes that the developments are happening due to the capitulation in the past two weeks, which has likely come to an end.

Van De Poppe classified the recent significant decline to capitulation since it is often used to describe such a severe correction in which double-digit losses occur over a brief period of time. In addition, the analyst stated that he would rather see such a significant correction because it suggests that the downtrend is almost over.

Economic Turmoil Fuels The Crypto Asset’s Dip

As Ethereum continues to drop, Van De Poppe has pointed out several negative developments around the world that may have accelerated the decline in the previous weeks. The first trigger underscored by the analyst is former US president Donald Trump losing in the battle for the Presidential seat with VP Kamala Harris, as Harris begins to earn more votes in the polls.

Related Reading: Here’s Why Bitcoin And Ethereum Price Crashed

The second development highlighted by Van De Poppe is the ongoing war between Israel and Gaza, which has grown stronger because of the death of Hamas‘ leader in Iran.

Other triggers include the multiple stabbings taking place in the UK, the growing demand for rate cuts as a result of terrible economic data on the labor market released on Friday, and Japan experiencing its worst day on the stock market since 1987’s Black Monday.

Ethereum
ETH trading at $2,338 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Godspower Owie

Godspower Owie

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

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