Tanya Abrosimova
Independent Analyst
- 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
Editors’ Picks
Bitcoin is showing rising correlation with the S&P 500
Bitcoin and the crypto market have been in an uptrend since Wednesday following the Federal Reserve's decision to cut interest rates by 50 basis points. Bitcoin is up nearly 3% in the past 24 hours, rising briefly above the $63,000 level for the first time in three weeks.
Ethereum rallies over 6% following decision to split Pectra upgrade into two phases
In its Consensus Layer Call on Thursday, Ethereum developers decided to split the upcoming Pectra upgrade into two batches. The decision follows concerns about potential risks in shipping the previously approved series of Ethereum improvement proposals.
Consensys case against SEC over Ethereum dismissed by Texas court
Consensys announced dismissal of a case it filed against the SEC in April about the agency's alleged actions against Ethereum. Judge Reed O'Connor of the Northern District of Texas dismissed the case on Thursday. Consensys claims that the court failed to examine the "merits" of its claim against the SEC.
XRP eyes gains as Ripple gears up for stablecoin launch, Grayscale XRP Trust notes rising NAV
Ripple (XRP) gained 2.3% since the start of the week. The altcoin’s gains are likely powered by key market movers that include Ripple USD stablecoin, Grayscale XRP Trust performance and the demand for the altcoin among institutional investors.
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.
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.