Ethereum

USDC

Coin

<ul> 
 <li>Ethereum (ETH) is down 15% in the past 30 days.</li> 
 <li>Vitalik’s “X hack” raises security concerns; stolen funds exceeded $100,000.</li> 
</ul> 
Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has faced intense bearish pressure over the past three months, resulting in a consistent downward trajectory. This decline has pushed Ethereum’s price to its lowest point in five months, with the recent month being particularly harsh, witnessing a 15% drop that brought the price down to $1,533. 
Also, Ethereum’s number of profitable addresses (7-day MA) hit a 5-month low, standing at $56 million, as reported by Glassnode, a prominent cryptocurrency data aggregator. 
Moreover, the community was shaken by a recent security breach involving Vitalik Buterin, the co-founder of Ethereum. His X (formerly Twitter) account was hacked, with the attacker posing as a promoter of an NFT collection linked to ConsenSys, and sharing a phishing link in a tweet. 
The financial implications of this breach were significant, with the hacker reportedly stealing over $100,000 worth of assets. The hacker’s wallet held a balance of nearly $397,138 at the time of discovery, with most stolen assets being ETH. Other tokens, including ATOR, wrapped <a href="https://thenewscrypto.com/eth-bears-dominate-amidst-ethereum-etfs-updates/">ETH</a> (wETH), USD Coin (USDC), and Binance Coin (BNB). 
ETH’s daily trading volume has surged by 95% in the last 24 hours, reaching $9 billion. In a recent whale activity, 21,938 ETH — currently equivalent to $34,777,338 — was transferred from an unknown wallet to Coinbase. 
<h3 class="wp-block-heading" id="h-how-long-will-eth-bears-reign">How Long Will ETH Bears Reign?</h3> 
An analysis of Ethereum’s recent price movements indicates a prevailing <a href="https://thenewscrypto.com/ethereum-price-breaks-key-support-level-severe-decline-likely/">bearish</a> sentiment on the daily chart. The 50-day exponential moving average (EMA) currently stands at $1,714, above the trading price, highlighting the ongoing bearish sentiment. The daily relative strength index (RSI) sits at 34, suggesting that the asset is approaching oversold territory. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img decoding="async" width="1024" height="487" src="https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09-1024x487.png" alt="" class="wp-image-82157" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09-1024x487.png 1024w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09-300x143.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09-768x365.png 768w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09-150x71.png 150w, https://thenewscrypto.com/wp-content/uploads/2023/09/ETHUSDT_2023-09-12_11-28-09.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 ETH/USDT Daily Price Chart — MA, RSI (Source: <a href="https://in.tradingview.com/symbols/ETHUSD/?exchange=BITSTAMP" target="_blank" rel="nofollow">TradingView</a>)
 
 </figcaption>
 </figure>
</div> 
This implies that bears are actively selling near the $1,650 mark. However, this narrow-range trading is unlikely to persist for an extended period. If the price continues to drop and remains below $1,600, it would signal that bears have taken control. While there is some minor support at $1,550, a breach of this level could lead the ETH/USDT pair to plummet to $1,368.

Ethereum (ETH) Hits Six-Month Low Amid Bearish Trend

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