The week begins in red and there is no stoppage for the sellers till now. Ethereum (ETH) trades at $2,337.04, down 9% on Saturday. The previous day witnessed a single largest one-day percentage fall since June 21.
The downside move is echoed by Ethereum’s market cap, which is being pushed down to $291.21B of the total cryptocurrency market cap. Furthermore, the volume was heightened by 33.0% to $31.08B
Ehterum lost more than 26% in this week
At the current market price, Ethereum has retraced near 50.01% from its ATH of $4,864.06 made on November 10.
Talking to the technical aspect, the Ethereum (ETH) price has broken the important moving average crossover (50/100/200 DMA) on January 7. Again buyers tested the highs on January 12 near $3,420. However, the next day’s red candle erased all the previous gains followed by three “Doji “candlesticks. The price fell like a pack of cards since then.
Source: Trading view
This Friday’s momentum was a scary one as ETH crashed below the l
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