Ethereum (ETH) has fallen by 8.5% in the past 24 hours amid a massive sell-off across the entire cryptocurrency market.
A total of $1.2 billion has been wiped from Ethereum’s total market cap, which now resides at around $14.25 billion.
The dramatic move to the downside was undoubtedly led by Bitcoin, which slumped below the $7,000 level of support before experiencing a small bounce at $6,700.
Ethereum is now 65% down from its yearly high of $365, with the next meaningful level of support coming in at $124.
Failing that, it remains likely that Ethereum could dwindle all the way down to $95 and even $80, with both levels acting as support following the capitulation low in December 2018.
Potential upside targets remain at $133 and $146, although a bullish reversal would only come into play if Ethereum can surge to above $217, which was the confluence of August’s death cross.
Regardless of the recent descent to the downside, Ethereum has witnessed impressive volume over the past 24 hours, with more than $9.6 billion being traded across all major exchanges.
Vitalik Buterin’s project underwent a hard fork last week, although it has so far presented a number of issues with uncertainty spreading to both users and miners.
For example, developers reportedly forgot to update the difficulty bomb, which has been reflected by the lack of confidence across Ethereum’s trading pairs.
For more news, guides, and cryptocurrency analysis, click here.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.