• Ethereum atraded at $13 for a couple of seconds.
  • ETH/USD is poised for more losses.

ETH/USD is changing hands at $85.18, down 16% in recent 24 hours. However, there was something flimsy happening with the third largest coin on Thursday eve. ETH/USDC briefly dropped to $13 on Coinbase Pro market, causing panic among the exchange customers. Traders took the matter to social media sharing the pictures with abnormal price movements, most likely triggered by algo-trading bots. Coinbase issued a refund for investors who incurred losses due to the flash crash.

"We’re aware of price movement on one of our order books that happened over the course of regular trading activity. Over the past 24 hours, all Coinbase platforms have operated as planned and no system-wide incidents have been identified," the company wrote on Twitter.

Ethereum's technical picture

Currently, ETH/USD is changing hands at $84.60, off the early Asian low touched at $82.15. A sustainable break below $100 handle sends an ominous signal to the market and brings $50 into focus. While the coin is oversold both on a weekly and a daily timeframe, there are no signs of reversal as of yet. Daily RSI (Relative Strength Index) points downward, while the recovery is capped by DMA5 at $99.00. 

The coin is one of the biggest losers among top-20 cryptocurrencies: ETH/USD peaked at $1,1421 on January 13 and lost 94% of its value since that time. 

ETH/USD, the daily chart


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin eases ahead of key Federal Reserve decision on interest rates

Bitcoin eases ahead of key Federal Reserve decision on interest rates

Bitcoin retraces slightly, trading above $59,000 on Wednesday, as crypto markets brace for the upcoming interest-rate decision by the US Federal Reserve (Fed), which is expected to lower interest rates for the first time in more than four years.

More Bitcoin News
Why US citizens can’t participate in airdrops: Top house republicans ask SEC Chair Gary Gensler

Why US citizens can’t participate in airdrops: Top house republicans ask SEC Chair Gary Gensler

Crypto market participants in the United States are excluded from airdrops for legal reasons. Airdrops occur when crypto projects distribute their tokens to holders in a free or discounted manner, sending them directly to their wallet address or inviting eligible users to claim these crypto assets. 

More Cryptocurrencies News
DUSK price set for a rally after finding support around key level

DUSK price set for a rally after finding support around key level

Dusk (DUSK), a Layer 1 blockchain protocol that brings classic finance and real-world assets (RWA) on-chain, recovers initial weekly losses and recaptures the $0.210 level, up 5% in the day on Wednesday. 

More Cryptocurrencies News
Binance addresses WazirX and Zettai accusations on the July hack

Binance addresses WazirX and Zettai accusations on the July hack

The WazirX team and Nischal Shetty continue to mislead customers about a $230 million hack in July, according to Binance. On Tuesday, crypto exchange Binance addressed “inaccurate and misleading statements” from Zettai and WazirX regarding Binance.

More Binance News
Bitcoin: On the road to $60,000

Bitcoin: On the road to $60,000

Bitcoin price retested and bounced off from the daily support level of $56,000 this week. US spot Bitcoin ETFs posted $140.7 million in inflows until Thursday and on-chain data supports a bullish outlook.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP