Ethereum Crashes to Monthly Low – Is There Worse to Come?
If it continues to shed over the weekend, $ETH could begin next week consolidating a new support level of around $2,000.
Crypto’s second biggest currency, the $285 billion market cap $ETH token underpinning Ethereum, the blockchain with the most commercial activity, has crashed to a one month low overnight.
On paper, Ethereum’s 24-hour loss of 1% is in step with the trillion-cap market leader Bitcoin ($BTC) which shed the same amount.
Bitcoin currently changes hands at $56,172, while Ethereum is about $2,369. Both leading cryptocurrencies shed roughly 6% over the last seven days.
The last time Ethereum traded this low was on August 7 last month, when it’s price bottomed out at $2,351 after a heavy market crash two days prior.
The last time Ethereum traded consistently in the $2,300s was in early February this year.
Ethereum has been struggling a little this year. The launch of spot Bitcoin ETFs in January helped pull up the price of all cryptocurrencies considerably, including Ethereum.
Spot Ether ETFs came next, back in mid-Summer, but cooling inflows have helped dampen investors’ sentiment.
Ethereum Price Analysis – Further Drops Incoming?
Ethereum is currently trading far short of its $3,500 resistance level, seen throughout the summer.
If it continues to shed over the weekend, $ETH could begin next week consolidating a new support level of around $2,000.
Source: TradingView
However, there are two indications that holders may not incur further losses.
The first is that Ethereum’s price has risen in the last hour closer to its thirty-day moving average of $2,382.
The coin’s rising relative strength index (RSI) of 44 suggests investors are doing a spot of dip-buying.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
"I'm panicking, what happened?" Cloudflare outage causes global internet chaos
The incident once again highlights the global internet's heavy reliance on a few key infrastructure providers.


Mars Morning News | Starting this Thursday, the United States will fill in missing employment data and release a new batch of economic data
The United States will fill in missing employment data and release new economic data. The Coinbase CEO is looking forward to progress in crypto regulatory legislation. Market participants predict the market is nearing a bottom. Phantom has launched a professional trading platform. Trump hints that the candidate for Federal Reserve Chair has been decided. Summary generated by Mars AI This summary was generated by the Mars AI model, which is still being iteratively updated for accuracy and completeness.

Countdown to a comeback! The yen may become the best-performing currency next year, with gold and the US dollar close behind
A Bank of America survey shows that more than 30% of global fund managers are bullish on the yen's performance next year, with undervalued valuations and potential central bank intervention possibly paving the way for its rebound.
