Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens


Ethereum (ETH) fell below $1,000 for the first time in over a year as the broader cryptocurrency market continues to slide south with no quick cure in sight, or at least not yet.

Ether (ETH) has been one of the cryptocurrencies that has done particularly poorly, dropping 7.32 percent over the past day to track Bitcoin’s loss. The second largest cryptocurrency by market capitalization is currently selling for $950, down 37.4 percent in the past week.

An examination of the Bitcoin market as a whole over the past two weeks reveals that it is completely down. This downturn has deepened over the past week, wiping out nearly $300 billion from the market capitalization of all cryptocurrencies.

Suggest reading | Bitcoin (BTC) Drops Below $18,000 – What Can Avoid Selling?

Ethereum loses more than half of its value in 7 days

However, it is simply not cryptocurrencies that are facing a major defeat. Likewise, Wall Street is in disarray, with the S&P 500 down 4.25 percent over the past week. During the same time frame, the Dow Jones Industrial Average is down 4 percent, while the Nasdaq is down sharply by less than 2 percent.

As usual when bitcoin goes down, so do alternative cryptocurrencies. Leading this negative trend is Ethereum, which fell below $1,000 for the first time since January 2021. In about seven days, ETH lost more than half its value.

In response to concerns about a 75 basis point interest rate hike by the US central bank – the largest increase in the past three decades – cryptocurrencies and stocks both experienced a hard landing.

ETH total market cap at $117 billion on the weekend chart | Source: TradingView.com

After a similar daily decline, BNB also fell below the $200 round number threshold. Cardano, Solana, Ripple, Dogecoin, Bokadot, Seba Inu, and Tron, to name a few, are facing more difficulties.

More pains to show?

Analysts warn that additional losses are imminent. They stated that the Fed had just started increasing interest rates and had not yet sold any assets from its balance sheet.

The US Bureau of Labor Statistics also released data for the Consumer Price Index (CPI) – a measure used to measure inflation – that reached 8.6 percent for the month of May, affecting the continued volatility of cryptocurrencies.

Technically, ETH price should recover $1,000 as psychological support; If this level is breached to the negative level, the coin may target $830 as the next target.

In February 2018, the same level acted as resistance, before a 90% drop to nearly $80 in December 2018.

Suggest reading | Ether Drops Below $1,000, Pulled Down by BTC Segment – What’s the Next ETH Support?

Featured image from Futurity, chart from TradingView.com



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