ETH Drops 10% in a Bearish Market

According to investing.com, Ethereum traded at $2,134.58 on early Thursday. That was after losing 10% of its value since yesterday. That marked a huge loss in a day since 21 June.

The downtrends saw the ETH’s market capitalization dropping to $252.85 billion. That translates to 18.34 percent of the over the market cap. Keep in mind that the altcoin had its market cap at $479.29 billion at its record highs.

Ethereum traded in the range between $2,134.58 and $2,322.47 over the last 24 hours.

Ethereum has recovered some of its losses since last week with a 2.56% increase. While writing the article, Ethereum had its trading volume standing at $22.18 billion since yesterday. That is around 27.86% of the overall crypto market volume. Since the previous week, ETH oscillated in the range between $2,019.7458 and $2,402.6785.

At the moment, Ethereum’s price remains 51.11% lower from the highest peak at $4,366.10 on 12 May.

Other Markets

Yesterday, Bitcoin extended its sideways consolidations. BTC/USD returned to $34,000 low after retesting the upper resistance at $35,000. Overnight, bears dominated the market, plummeting the prices further. During morning hours, the pair found support near $33,000. However, increased bearishness might drive the leading coin down to $32,000.

While writing this, BTC trades at $32,400.

On Wednesday morning, ETH had its price testing the $2,400 resistance. But, buyers seem to fail to extend recoveries above the level.

During the day, ETH prices calmed at the pivot price zone. Overnight, bears joined the market, breaking the upward trend line support. Keep in mind that the alternative coin has relied on this support to avoid massive pullbacks since the past week.

Today morning, Ethereum found support around $2,218. However, increased selling activities might initiate a fall towards the POC line.

While writing this report, Ethereum trades at $2,138.

At the moment, the overall crypto market indicates bears’ dominance. Market analysts remain positive, suggesting ‘light at the end of the tunnel.’ Keep in mind that most top coins have lost value since yesterday. If you are planning to invest today, beware of the bearishness risks. However, experts advise traders to play long-term investing games for now. What do you think? Comment below.

Michael Ellis

Author: Michael Ellis

Michael is an avid cryptocurrency enthusiast and writer. He is the main writer for Cryptocoin Stock Exchange.

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