Ethereum (ETH) Hammered Down To $950 As Crypto Selloff Deepens
June 19 2022 - 3:49AM
NEWSBTC
Ethereum (ETH) has fallen below $1,000 for the first time in more
than a year as the broader crypto market continues to slide south
with no quick remedy in sight, or at least not yet. Ether (ETH) was
one of the cryptocurrencies that performed particularly poorly,
falling 7.32 percent over the past day to follow Bitcoin’s loss.
The second largest cryptocurrency by market capitalization is
presently selling at $950, down 37.4 percent in the past week.
Examining the bitcoin market as a whole over the previous two weeks
reveals that its entirety has been falling. This decline has
deepened over the past week, wiping almost $300 billion from the
market value of all cryptocurrencies. Suggested Reading | Bitcoin
(BTC) Drops Below $18,000 – What Can Stave Off The Selloff?
Ethereum Loses Over Half Of Its Value In 7 Days However, it is not
simply crypto that’s experiencing a major beat-down. Wall Street is
likewise in disarray, as the S&P 500 has shed 4.25 percent over
the past week. During the same time frame, the Dow Jones Industrial
Average fell 4 percent, while the NASDAQ dropped sharply less than
2 percent. As is normal when Bitcoin declines, so do alternative
cryptocurrencies. This negative trend is led by Ethereum, which has
fallen below $1,000 for the first time since January 2021. In
approximately seven days, ETH has lost more than half of its value.
In reaction to worries about the US central bank’s 75 basis point
rate hike – the largest increase in the last three decades – both
cryptocurrencies and stocks experienced a severe bear market. ETH
total market cap at $117 billion on the weekend chart | Source:
TradingView.com Following a similar daily decline, BNB also fell
below the $200 round-number threshold. Cardano, Solana, Ripple,
Dogecoin, Pokadot, Siba Inu, and TRON, to name a few, are
experiencing more difficulties. More Pain In The Offing? Analysts
caution that additional losses are forthcoming. They stated that
the Federal Reserve has just begun to increase interest rates and
has not yet sold any assets from its balance sheet. The U.S. Bureau
of Labor Statistics also issued data for the Consumer Price Index
(CPI) – a metric used to measure inflation – coming in at 8.6
percent for the month of May, which had an effect on the continuous
volatility of cryptocurrencies. Technically, ETH’s price must
reclaim $1,000 as its psychological support; if this level is
breached to the negative, the token may target $830 as its next
objective. In February 2018, the same level acted as resistance,
preceding a 90% drop to roughly $80 in December 2018. Suggested
Reading | Ether Drops Below $1K, Dragged Down By BTC Slide –
What’s The Next ETH Support? Featured image from Futurity, chart
from TradingView.com
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