Ethereum flash crash: from $103 to $13 and back in a matter of seconds

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