Ethereum price tests crucial support at $1,570 as ETH becomes a polarizing topic – FXStreet

• Ethereum price dipped to the $1,550 range before a quick pullback to $1,570 but prospects for more losses remain.
• ETH fees are recording the lowest levels seen in 2023, with traders growing impatient over price.
• With bearish sentiment climaxing, a possible turnaround seems likely according to experts from market intelligence platform, Santiment.

Ethereum (ETH) price correlation to Bitcoin (BTC) has continued to widen since the mid-September reading, with the second-largest cryptocurrency by market capitalization now wandering on its own. With its bearish outlook, ETH has often rubbed longs the wrong way, compelling them to close their positions to avoid more severe losses.

Also Read: Ethereum price dip extends, liquidates $10 million in long positions as exchange outflows skyrocket

Ethereum price slumps below $1,570

Ethereum (ETH) price dipped almost 5% on October 9 to the current price of $1,580 after an intra-day low of $1,546. The position of the Relative Strength Index (RSI) and its lagging Awesome Oscillator (AO) shows the slump may not be over yet, meaning ETH holders should brace up. Data on CoinMarketCap shows a 110% increase in trading volume for the token in the last 24 hours.

A decisive daily candlestick close below the $1,570 level would not only see Ethereum price grab the buy side liquidity, but could also commence a new downtrend by filling orders due to the last lower high.

ETH/USDT 1-day chart

To some extent, the Ethereum Foundation has played a huge role in driving ETH price down by acting as the basis for Fear, Uncertainty, and Doubt (FUD). This happens when it makes any form of selloff. Critics have even pegged these selloffs as a lack of faith in the protocol, with large-scale dumps usually following these targeted selloffs.

Besides the direct sell-offs from the Ethereum Foundation, leaders within the community, including co-founder Vitalik Buterin, are also known to liquidate enormous amounts of Ethereum for undisclosed reasons.

Meanwhile, the behavior analytics platform for cryptocurrencies, Santiment, which sources on-chain, social and development information, shows that Ethereum fees are at their lowest levels of 2023 after a steady multi-month slump. Meanwhile, social dominance, showing the number of mentions on crypto-related social media, has hit a seven-month high.

With Ethereum price heading south, investors are growing impatient, evidenced by the growing chatter around the Proof-of-Stake (PoS) token.  

ETH Santiment data

According to Santiment, traders are now split about the future of Ethereum price, making ETH a polarizing topic especially on Crypto X. With bearish sentiment growing, experts from Santiment anticipate a turnaround.

In the meantime, Ethereum Futures Exchange-traded funds (ETF) have failed to live up to the hype, contrary to expectation, with all ETH ETFs combined generating only up to $1.7 million in trading volume trading volume as of October 2.

ETH futures ETF trading volume

In the same way, the institutional interest in ETH has been bleak since the onset of the year, resulting in $114 million in outflows. Read the full story here.