Ethereum Price Drops Over 10% in Sharp Market Sell-Off

Ethereum Experiences Major Price Correction

Ethereum saw its price fall to $2,195.61, marking a significant 10.22% decrease in a single day. This represents one of the largest daily percentage losses for the cryptocurrency in recent months.

Market Overview and Key Figures

The downward price movement pushed Ethereum's market capitalization down to $268.80 billion, which accounts for 10.51% of the total cryptocurrency market. Over the last 24 hours, the asset traded within a range of $2,195.61 to $2,322.01. The seven-day performance shows a more substantial loss of 22.2%, with trading volume in the past day reaching $42.72 billion.

Impact on the Broader Crypto Market

The sell-off was not isolated to Ethereum, as other major digital assets also faced downward pressure. Bitcoin, the leading cryptocurrency, registered a loss of 4.50%, indicating a widespread bearish sentiment across the market. Ethereum's current price remains more than 55% below its all-time high.

Summary and Outlook

With this sharp decline, Ethereum's value has retreated significantly, erasing recent gains. Investors and traders are now closely monitoring key support levels to gauge potential future price movements amid the market-wide downturn.

FAQ

Q: What was the primary reason for Ethereum's price drop?
A: The report highlights a 10.22% daily loss amid a broader cryptocurrency market sell-off, without specifying a single catalyst.

Q: How did this affect Ethereum's market capitalization?
A: Ethereum's market cap decreased to $268.80 billion, constituting 10.51% of the total cryptocurrency market value.

Source: Investing.com