Ethereum clanging around 17-month low following crypto landslide

Ethereum slipped to a 17-month low of 162.30 after broader cryptocurrency markets went into freefall during the US market session for Wednesday, with ETH/USD off of November's peak of 220.76 by 22.5%, testing near 171.00 as the Thursday overnight session gets underway.

A selloff in Bitcoin which broke to the downside of the $6,000.00 key mental figure saw the entire crypto board get swept off of the table in a full-scale risk evacuation today, with BTC/USD trading into a 14-month low of its own, just south of $5,500.00. 

Volatility constraints continue to plague crypto markets, and this week's downside shock could have been sparked by bearish threats from Bitcoin's Craig Wright, who threatened crypto miners over Twitter today in an attempt to head off support for miners abandoning BTC in favour of funding BTH, specifically threatening that he would force down BTC markets to "2014 levels" in a bid to shore up support for Bitcoin over Bitcoin Cash, but broader markets appear to have taken Wright more seriously than even he intended, with crypto markets getting sent into freefall shortly after Wright's Tweetstorm.

If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks. Think about it. We will sell A Lot! Consider that.... And, have a nice day (BTC to 1000 does not phase me) - Craig Wright via Twitter.

Ethereum Technical Levels