Ethereum Moves Lower; UNUS SED LEO, Conflux Among Top Losers

Bitcoin (CRYPTO: BTC) edged higher, but the cryptocurrency prices traded below the $26,000 level on Tuesday. Ethereum (CRYPTO: ETH), meanwhile, moved lower, trading below the key $1,600 mark this morning.

Timeline of Conflux-network, Ethereum, Unus-sed-leo

Ethereum price extended the down leg below the previous support at $1,600 – a move that saw declines sweep through levels seen last in March. The leading smart contracts token traded new weekly lows of $1,540 before launching an ongoing rebound seeking to reclaim the ground above $1,600.

In recent weeks, Ethereum (ETH), one of the leading cryptocurrencies in the market, has experienced a substantial decline in value. From its mid-August peak at $1,850, Ethereum's price has been on a consistent downward trajectory.

The world's second-largest cryptocurrency Ethereum has once again come under major selling pressure with the ETH price tanking over 2% and dropping all the way to $1,540 levels. While the Ethereum bulls tried to put up a major fight above the $1,600 level, they failed to regain the lost ground.

As crypto markets sink deeper into the red, analysts are predicting more pain for altcoins, while the outlook for Ethereum price doesn't look good in the short term. Moreover, total market capitalization has slumped to its lowest point in six months.

Coinbase Cloud, the cloud division of the popular cryptocurrency exchange Coinbase, has made a significant move to democratize Ethereum (ETH) staking by integrating Kiln's On-Chain Staking platform.

As of Monday, Coinbase Cloud clients can now let their customers stake however much ether they want, even if it's far below the 32 ether threshold needed to participate and earn rewards on the network.

Ethereum's price has taken a notably bearish turn, breaching several critical support levels and tilting on the verge of a concerning death cross. Despite these developments, there is a glimmer of hope as the price approaches a substantial support zone, hinting at the possibility of a temporary consolidation phase.

Predicting profitability in the cryptocurrency market is often likened to reading tea leaves. The roller-coaster journey of Ethereum (ETH) since its 2014 inception perfectly captures this unpredictability.

Amidst a broader market downturn, Fidelity Digital Assets, the cryptocurrency branch of investment behemoth Fidelity Investments, suggests that Ethereum is trading below its intrinsic value.

Pseudonymous cryptocurrency researcher Hildobby, data scientist at Dragonfly VC fund, demonstrates the most generous gas spenders on the Ethereum (ETH) network. Besides "technical" addresses associated with wallets controlled by largest CEXes, the operator of an MEV bot becomes the #1.