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.
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.
For example, developers reportedly forgot to update the difficulty bomb, which has been reflected by the lack of confidence across Ethereum’s trading pairs.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.