The bottom fell out of Ethereum: ETH/USD slumped 9.5% in 24 hours to the lowest level since July 2017
|- ETH/USD slump is gathering pace as the coin takes out one support after another.
- Vitalik Buterin says his comments were misinterpreted and twisted.
Ethereum is changing hands at $174.60. The coin resumed the downside after a feeble recovery attempt late on Tuesday. ETH has lost over 4% of its value since the beginning of the day and nearly 10% in recent 24 hours. It is one of the worst performing digital coins with over 37% loss in past seven days.
Ethereum's technical picture
ETH/USD is moving closer to uncharted territory as there are no support levels below $174.00. Once it is cleared, the sell-off may gather pace and take the price towards $155.00, which is July 17, 2017 low. On the upside, the hurdles are plenty, and the first one comes at $186. This level stopped the recovery attempt late on Tuesday. Then comes $190 and $200, which looks unreachable now.
Many experts blame Vitalik Buterin for the recent cryptocurrency sell-off as the Ethereum creator, who said that the market had no room for growth. However, it seems that crypto community misinterpreted his words missing out positive aspects.
"To be clear, I never said that there is "no room for growth" in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today's global wealth being in crypto," he explained in his Twitter account.
Moreover, he actually said that he was positive about the future of cryptocurrency industry, due to "deep reservoirs of value just waiting for the right trigger," but no one was listening.
ETH/USD, 1-hour chart
Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.