Ether price continues to plunge as troubled investors worry about the lack of spot Ether inflows, declining Ethereum network fees and a potential tech stock bubble bursting.
Ether (ETH) price is down 5.2% between Sept. 3 and Sept. 4 after a strong rejection at the $2,550 resistance, marking eight days since ETH last closed above that level.
Traders are now concerned that Ether may underperform even if the broader crypto bull market resumes, as incentives for fixed income in the US are expected to decrease. So, exactly what is putting pressure on Ether's price?
Some market participants may attribute the lackluster performance of cryptocurrencies to traditional financial market conditions, but Ether is also facing its own set of challenges, including lower network fees, appealing staking rewards, and weak demand for its recently launched spot exchange-traded fund (ETF) products. Therefore, it’s worth exploring whether these factors will continue to drive Ether’s price down in the future.
