Ethereum continues to struggle to break out of the $3300 area. The recent drop to $3287 has left many bidders, and the price has been overwhelmed, with the level falling below $3287 and almost retesting the same level as resistance. Ethereum’s movement on the chart depends on the price of Bitcoin, and Bitcoin is not showing any strength in the charts either.
Source: ETH/USDT on TradingView
Cryptocurrencies have taken a significant drop in value following global stocks taking a hit and major indices such as the Nasdaq Composite having a bad start to 2022. This shows that crypto is not as decoupled from traditional markets as investors hoped for, and that crypto remains a risk-on asset that investors tend to flee from in times of uncertainty.
On the charts, Ethereum has lost around 25% since it retested the $3280 area a couple of days ago. The weekend has arrived, and weekends