- Ethereum witnessed a sharp downfall in the price which resulted in price breaking resistance of $160 this year.
- The price of ethereum has been so unpredictable many times, it falls from $220 to $160 in a matter of few days or sometimes in a matter of few hours.
- The next day turned out to be fortuitous as the price rose to $175.
- The crash in the price of ethereum has given rise to a panic-stricken situation in the Relative Strength Index.
Ethereum has faced a crash below $160 this year, learnt by The Coin Republic. It is said that this week has been perilous for ethereum. The downfall was unexpected of it as in the recent times ethereum was performing really well like it always does. It would be holding a conference in Osaka this year. The downfall was indeed a harsh blow on it.
It was already dropped to $220 and then to $160 per token. The next day turned out to be fortuitous as the price rose to $175. Optimism and faith in ethereum were restored in traders.
However, the fortune was short-lived as the bulls failed to hold on to their dominance and it dropped to $151 yesterday. The bearish trend continued evidenced the graph. The ebb and flow in price are though usual in ethereum but it was a steep drop after the month of June where it went down from $343 to $274.
The market analysis fails to provide a satisfactory answer for this unusual slide. Everything points out at the bearish trend which was commenced by bitcoin.
The crash in the price of ethereum has given rise to a panic-stricken situation in the Relative Strength Index. This is surmised that the coins have been overbought and has been sold out at such a rapid rate that it has been oversold which has stricken panic amongst the traders.