Ethereum

Ethereum Price Crashing Heavily ! How Low Can ETH Price Plunge?

Written by: Delma Wilson

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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Jun 11, 2022

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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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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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