The cryptocurrency market is still stunned by last week’s precipitous decline. In 10 days, Ether shed around 45 percent of its value.
On the four-day chart, the Ethereum (ETH) price has now returned to the historical RSI low recorded in 2018 when the cryptocurrency traded at $81.
On Saturday, ETH values fell below crucial levels and are currently trading in the triple digits as the recent crypto sell-off continued.
According to data provided by Coingecko, as of the time of writing, ETH is trading at $1,008, a decrease of about 40 percent over the past week.
Ether Drops To As Low As $997
ETH is currently selling at $997.61 on Etherscan, a decrease of approximately 9 percent over the last 24 hours. The breach of this support level is expected to presage heavier losses for Ethereum.
The bears are in complete control of the market, and there are no major buyers. In the bearish scenario, if sellers force the price below $900, the probable demand zone is between $700 and $900. Upon reaching this region, ETH may enter the accumulation phase.
Currently, inflation, a wobbly stock market, rising interest rates, and worries of a recession are fueling negative sentiment on the stock and cryptocurrency markets.
Source: Crypto News