Further pain was inflicted on the markets as major cryptocurrencies Bitcoin and Ethereum slipped on macroeconomic pressures and other factors. As of time of writing, the top altcoin Ether<\/a> has lost nearly 7% in the weekly timeframe.<\/p>\n This is reflected in the other altcoins as most, if not all, move alongside ETH. However, if the crypto slides further downwards, will it deal a heavy blow on the broader market as well?<\/p>\n Since the collapse of crypto exchange FTX, Ethereum has been in the red, but then that seems normal as other cryptos are, as well.<\/p>\n The decline in ETH\u2019s value, however, began after it reached a record high of $4,635 in December of last year. Since then, the crypto has had massive highs and lows, but mostly the latter.<\/p>\n With Ethereum network fees plummeting to $2.9 million per day from $12.8 million on June 13, the price of ether plunged. The total value locked (TVL) in Ethereum-based smart contracts were also down by 4.5% in the last 24 hours.<\/p>\n More suffering has been inflicted on ETH as a result of recent occurrences. For instance, the U.S. Federal Reserve raising interest rates<\/a> last week took a toll on its price, allowing the bears to continue testing the present support price range of $1,164.<\/p>\n Further market pain is to be predicted if the coin breaks its current support. The bulk of altcoins on the top 10 list of Coingecko are heavily correlated<\/a> to ETH, so this is significant for the altcoin market.<\/p>\n Thus, if ETH declines, other cryptocurrency holders may interpret this as a sign of market weakness, resulting in greater market misery. ETH is trading at $1,184, down\u00a00.2% in the last 24 hours.<\/p>\n Today, prominent indices such as the S&P 500 and Dow Jones have declined by a couple of percentage points as a result of the fear of an economic recession<\/a>, which impacts sentiment around the crypto.<\/p>\n Ethereum may have difficulty retaining investors if further rate hikes occur at the beginning of the first quarter<\/a> of next year.<\/p>\n Despite the fact that the altcoin is down 7% in the last seven days, we expect to see a slight bullish pullback so that we may once again test the $1,222 level as resistance.<\/p>\n Currently, the prior price fluctuations of the token indicate that a recovery is forming. However, this is counterbalanced by negative macroeconomic causes and a very pessimistic market mentality, which is a continuation of the bear\u00a0market that preceded the current events.<\/p>\n Investors and traders should be cautious as the current market volatility might invalidate long positions in the short-term. If ETH continues to backpedal, there will be no doubt that there will be pain for altcoins.<\/p>\n<\/div>\nThe FTX Shockwave Still Felt<\/h2>\n
![\"Ethereum](\"https:\/\/newsbtc.com\/wp-content\/uploads\/2022\/12\/iStock-1329407939-460x307.jpg\")
Other Factors At Play For ETH<\/h2>\n
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ETH total market cap on a descent and settles today at $144 billion | Chart: TradingView.com<\/a><\/pre>\n
Ethereum: Further Struggle Anticipated?<\/h3>\n