Key Highlights:

Ethereum (available on Coinbase) price fell sharply today due to a market-wide cryptocurrency selloff
ETH hit a low of $815.30 at one point, down by over 15% in the last 24 hours
The cryptocurrency is now on a downward trend, holding support at $817.50

Ethereum (available on Coinbase) Plunges Amid Market Selloff

Following its recent recoveries, Ethereum (available on Coinbase) price plunged by over 15% at one point today, sinking to a low of $815.30. It’s now back to where was at the end of last week, unable to maintain its positive momentum from the past few days. The price drop was generally attributed to a market-wide crypto selloff.

Source: Tradingview

ETH is currently on a big downward trend, testing a major support level of $817.50. The recent price actions and resulting moving averages suggest that further price dips are likely to happen. Hence, investors should not expect any major upward movements anytime soon. Its current resistance level is at $890, below the critical $900 mark.

In addition, the MACD indicator is showing a sTron (available on Binance)g bearish sign. Volume has subsided in the recent hours, but still enough to affect the market and volatility.

Looking at the Technical Indicators:

Hourly MACD — ETH is in a bearish zone
Major Support Level — $817.50
Major Resistance Level — $890

Featured Image: Depositphotos/© aa-w

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.