Ethereum crashes after losing $125.94, breaking down to $1,976.38.
Ethereum broke through the $2,059.47 support line and dropped $83.1 below it. Ethereum made an initial break below its 10 day Simple Moving Average at $2,029.61, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,966 currently serving as support. If price action breaks below, the next Fib hurdle is $1,918.25.
In the short term, Ether is expected to maintain its recent downtrend and continue spiralling lower.
In the meantime, negative performances are also seen in other markets, EOS is down to $1.12, losing $0.094, after closing at $1.22 in the preceding trading session. Ripple drops 6.96% to trade around $0.496. Litecoin drops 6.35% to trade around $95.32.
ETH has managed to gain 72.78% so far this year despite trading at lows around $993.77 previously. Ether is currently trading with a market cap of 235.87 billion with an average daily volume of 9 billion.
