The price of Ether tumbled 6% in the last 24 hours amid crypto market jitters, falling from an intraday high of $2,425 on Sept. 15 to bottom out at $2,260 on Sept. 16.
The asset briefly dropped below $2,200 during the flash crashes of Aug. 5 and Sept. 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 (ETH) has taken the brunt of the pain.
The price of Ether over the past 24 hours. Source: TradingView
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.
“Half of my feed is ETH FUD at this point,” exclaimed Ethereum developer ‘antiprosynthesis’ in a post on X on Sept. 15.
Meanwhile, economist Alex Krüger compared Ethereum to Brazillian footballer Neymar Junior.
If Ethereum were a football player pic.twitter.com/OZLwpye8R4
— Alex Krüger (@krugermacro) September 16, 2024
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 X followers on Sept. 15 that even Bitcoin Cash (BCH) has outperformed Ether in the last year.
The ETH/BTC ratio is now at its lowest level since April 2021, hitting 0.038 on Sept. 16, according to TradingView.
ETH/BTC. Source: Tradingview
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 Wednesday, Sept. 18.
According to the CME Fed Watch tool, the odds are currently 41% of a 25 basis point rate cut and a 59% chance of a larger 50 basis point cut.
Earlier this month, Bitfinex analysts predicted that the US central bank’s widely expected rate cut could lead to a dip in the crypto market.
Related: 3 reasons why Ethereum price has lagged behind Bitcoin in 2024
Additionally, former US President Donald Trump has survived what mainstream media are calling a second assassination attempt on Sept. 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.
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