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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

Why Is Ethereum Price Down To $2,200 Today?

Scott Matherson
Scott Matherson
1 year ago
3 mins read
Ethereum price crash

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The Ethereum price has been among the worst hit in the flash crash that took place on Monday. The crash sent the asset’s price down below $2,200 for the first time in the last week and has continued to trend low around this point. As the market shows a bit of recovery momentum, questions remain about what could have triggered the crash.

Ethereum Price Fell Because Whales Have Been Selling

One of the most obvious causes of the flash crash that affected the Ethereum price is the fact that large holders have been selling. This month, ETH hit its highest level in the last year and this sent a lot of investors back into profit. Now, since there has not been a complete bullish turnover of the crypto market, there are expectations that the market could crash and investors are trying to secure profits before this happens.

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Crypto analyst Ali Martinez flagged the selling from these large holders in a post on X (formerly Twitter) on Sunday. According to him, these large holders had actually begun selling when the price had first crossed $2,300. This means that the selling pressure had been mounting for a while before being reflected in the price.

The whales who hold more than 10,000 ETH in their balances had been reducing their holdings toward the end of November. By December, their holdings had fallen to their lowest point in the last three months, showing proof of massive sell-offs by these whales.

Ethereum price chart from Tradingview.com

ETH price at $2,242 | Source: ETHUSD on Tradingview.com

Uncertainty About Macro Factors

Macroeconomic uncertainty has also played a role in the crypto crash that sent the Ethereum price to $2,200. One example of this is the CPI data release that is expected to take place on Tuesday. As investors eagerly await the results from the announcement, market fluctuations are expected.

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The November inflation data is also expected to be released this week, as well as the Fed’s decision and statement happening on Monday. Ahead of these events, high volatility is always expected as investors move to secure some of their positions.

Nevertheless, Ethereum has begun to show some bullish momentum once more. It has since bounced from its lows of $2,170 and is back up above $2,000, where bulls are already providing a lot of support. If Bitcoin’s price continues to rise, Ethereum could reclaim the $2,300 level before the day is over.

The price of ETH is sitting at $2,238 at the time of this writing, down 4.50% in the last 24 hours.

Featured image from Quora, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

Read more

Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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