Ethereum strike struggled to wade out of the $3300 area. There appeared to be no buyers in sight and bidders have been overwhelmed once the price fell below $3287 and almost retested the same level as resistance. Ethereum’s movement on the chart would depend on Bitcoin, and Bitcoin was not strong on the charts either. It would not be surprising if Ethereum saw a further 20% loss from where it was trading at the time of writing.
source on TradingView
Cryptocurrencies have taken a nosedive in value following global stocks taking a hit and major indices such as the Nasdaq Composite having a bad start to 2022. This showed crypto was not as decoupled from the traditional markets as most hoped for, and that crypto remains a risk-on asset that investors flee from in times of uncertainty.
On the charts, Ethereum has lost around 25% since it retested the $328