Late Friday, Ethereum succumbed to the pressures of the broader crypto market. Prices dipped under $1,800 for the 4th successive session.
The negative trend has kept ETH from pushing through the $1,800 barrier in the last seven days.
The month of April has seen a slow start. This is because inflation accelerated in May, and left a negative impact on cryptocurrency markets, whereas already the crypto market was impacted by the Federal Reserve’s tough financial measures.
Ethereum Downtrend Continues
ETH/USD has dropped to an intraday low of $1,602 within 24 hours after hitting a high of $1,812.90. As per CoinMarketCap statistics, the value of Ethereum has dropped by more than 7% in the last 24 hours.
Over the last 30 days, Ethereum’s price has continued to fall under the barrier of a dramatic trendline.
The ETH/USDT pair experienced intense selling in mid-May, surpassing January’s bottom of $2170. As the cryptocurrency market became more volatile, selling pressure decreased. This resulted in a steady but gradual drop.
Despite Ethereum trading low of $1,761, a look back over the last week showed a 0.33% price increase. Ignoring bearish attempts to lower the price helped ETH to remain beyond $1,750.
The Ethereum price has fallen in reaction to the downturn of the first 15 days of May, reaching a new low of $1718. Multiple trials at this resistance point demonstrate the influence of market participants.
Ethereum’s Market Cap Drop Linked With Huge Sell-Off
The drop in Ethereum’s market capitalization can be linked to a larger sell-off of digital assets in recent weeks.
Inflation has driven people to be more careful with their expenditures. However, economists believe that a tighter budget will limit the usage of digital assets.
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Source: https://coinpedia.org/ethereum/ethereum-price-loses-1700-level-again-lowest-level-since-march-2021/