- Ethereum price fell sharply today due to a market-wide cryptocurrency selloff
- ETH hit a low of $815.30 at one point, down by over 15% in the last 24 hours
- The cryptocurrency is now on a downward trend, holding support at $817.50
Ethereum Plunges Amid Market Selloff
Following its recent recoveries, Ethereum price plunged by over 15% at one point today, sinking to a low of $815.30. It’s now back to where was at the end of last week, unable to maintain its positive momentum from the past few days. The price drop was generally attributed to a market-wide crypto selloff.
ETH is currently on a big downward trend, testing a major support level of $817.50. The recent price actions and resulting moving averages suggest that further price dips are likely to happen. Hence, investors should not expect any major upward movements anytime soon. Its current resistance level is at $890, below the critical $900 mark.
In addition, the MACD indicator is showing a strong bearish sign. Volume has subsided in the recent hours, but still enough to affect the market and volatility.
Looking at the Technical Indicators:
- Hourly MACD — ETH is in a bearish zone
- Major Support Level — $817.50
- Major Resistance Level — $890
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