Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?

Ethereum (ETH/USD) Falls 26% From Historic High; What’s Next?


Ethereum fell Monday in sync with the cryptocurrency market’s other top assets, including Bitcoin, Binance Coin, Polkadot, and Cardano.

The second-largest cryptocurrency touched a record high of $2,041 during the weekend session that prompted daytraders to secure their profits. That led to a considerably larger sell-off throughout the weekend and Monday session, taking the ETH/USD exchange rate lower by as much as 26.11 percent to $1,508.

Ethereum slips amid broader crypto market sell-off. Source: ETHUSD on TradingView.com Ethereum slips amid broader crypto market sell-off. Source: ETHUSD on TradingView.com

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Elsewhere in the cryptocurrency market, almost every high-cap asset suffered major intraday losses.

Bitcoin, the flagship digital asset having an extremely high positive correlation with Ethereum, plunged up to 19.99 percent from its session peak above $58,000. Likewise, Binance Coin, which notched closed the previous weekly session 171 percent high, dropped by 44 percent on Monday.

On the whole, the cryptocurrency market wiped off $149 billion off its valuation.

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