Ether (ETH) Struggles After Sell-Off, Cryptomarket Slumps
Ether (ETH) News and Talking Points
- After trading in the early $700s at the start of the week, ETH may soon be trading with a five-handle.
- Wednesday’s sell-off shaves $40 billion of crypto-market capitalization.
Ether (ETH) Chart Shows Near 20% Daily Fall
Ether’s recent rally from this year low around $360 came to an abrupt halt on Wednesday with the token losing nearly 20% on the day before recovering slightly. The fall broke a run of 16 higher lows in a row and may signal further falls back to the February 6 swing low of $568 if the 200-day moving average around $586 is broken. Ether’s sell-off came after former CFTC regulator Gary Genser questioned whether Ether, and Ripple, should be classified as securities, a situation that would put cryptocurrency exchanges under pressure to potentially de-list the tokens or fall under regulatory scrutiny.
Confidence in the cryptocurrency space was also hit Wednesday when MyEtherWallet, a web based wallet used for storing Ether, confirmed that it had been hit by a DNS spoofing attack that redirected site traffic to a phishing site.
Wednesday’s sell-off in ETH was part of a wider bearish move in the cryptocurrency market that clipped $40 billion of its market capitalization, currently standing at $395 billion. In the last 24-hours Ether’s turnover has reached $3.6 billion with around 30% denominated in either US dollars or Tether (USDT).
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Ether (ETH) Daily Price Chart in US Dollars (August 22, 2017 – April 26, 2018)
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What’s your opinion on Ether – short-term pullback or bearish correction? Share your thoughts and ideas with us using the comments section at the end of the article or you can contact me on Twitter @nickcawley1 or via email at firstname.lastname@example.org.
--- Written by Nick Cawley, Analyst.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.