The price of Ethereum also fell to its lowest level relative to Bitcoin since April 2021.
Amid the turmoil in the cryptocurrency market, the price of Ethereum has fallen 6% over the past 24 hours, from an intraday high of $2,425 on September 15 to a low of $2,260 on September 16.
The asset fell below $2,200 during the flash crashes on August 5 and September 7 and has now fallen back to its lowest level since January.
Meanwhile, the overall cryptocurrency market fell 4.5%, with total market capitalization falling back to $2.12 trillion, with Ethereum taking the biggest hit.
The price of Ethereum over the past 24 hours. Source: TradingView
The move comes amid a wave of apparent “FUD” surrounding EthereumX, with even analysts and crypto industry observers seemingly joining the bandwagon of bashing the coin.
On September 15, Ethereum developer “antiprosynthesis” lamented in an article on X: “Now half of my information is FUD about ETH.”
Meanwhile, economist Alex Krüger compared Ethereum to Brazilian football player Neymar Junior.
Cryptocurrency analysts James Check and “KALEO” also joined in the ETH bashing, posting a meme about the price crash and decline against BTC.
Meanwhile, “The Dongle” told his 820,000 followers on Sept. 15 that even Bitcoin Cash has outperformed Ethereum over the last year. According to data from TradingView, the ETH/BTC ratio is currently at its lowest level since April 2021, reaching 0.038 on Sept. 16.
ETH/BTC. Source: Tradingview
The ETH price crash comes at the start of a very busy week in the United States, with the Federal Reserve preparing to announce a rate cut on Wednesday, September 18.
According to the CME FedWatch tool, there is now a 41% chance 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 a widely expected rate cut by the U.S. central bank could cause a drop in the cryptocurrency market.
In addition, former US President Donald Trump faced what the mainstream media called a second assassination attempt on September 15, but he narrowly escaped.
Trump was unharmed, and a suspect who fled the scene was arrested and identified as 58-year-old Ryan Wesley Ruth.
It is unclear whether the incident had any impact on ETH markets, as the cryptocurrency price rose sharply after the last assassination attempt on the presidential candidate in mid-July.
