Ethereum Price Loses $1700 Level Again, Lowest Level Since March 2021 – Coinpedia – Fintech & Cryptocurreny News Media

Late Friday, Ethereum price succumbed to the pressures of the broader crypto market. Prices dipped under $1,800 for the 4th successive session.

There are a few minor losses. Yet the negative trend has kept ETH price from pushing through the $1,800 barrier in the last seven days.

The month of April has been a slow start. This is because inflation accelerated in May, and left a negative impact on cryptocurrency markets. Already the crypto market was impacted by the Federal Reserve’s tougher financial measures.

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.

From the last 30 days, the Ethereum 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.

Ethereum Prime Managed To Surge By 0.33%

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, this helped ETH to remain beyond $1,750.

Also other cryptocurrencies have taken a similar hit: Solana has dropped 5%, Avalanche has shed 6%, and Cardano has lost more than 1% in the previous 24 hours.

The Ethereum price has fallen in reaction to the downturn since the first 15 days of May, reaching a new low of $1718. Multiple trials at this resistance point demonstrate the influence on 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 selloff of digital assets in recent weeks.

Inflation has driven people to be more careful with their expenditures. Especially those with lower incomes, who end up spending less on basic necessities such as food and services.

However, economists believe that a tighter budget will limit usage of digital assets.