Etherum slumps to $160 area amid broad-based crypto selloff

Eren Sengezer FXStreet

Ethereum came under strong selling pressure on Thursday and dropped to its lowest level in five days near $160 as the technical correction deepens following last week's impressive rally. As of writing, the ETH/USD pair was down 7.7% on a daily basis at $164.

Although there wasn't a clear catalyst behind the ETH selloff, the fact that the total market capitalization of all cryptocurrencies dropped to $170 billion from $185 billion suggests that investors are booking their profits.

Breaking news: Bitcoin plunges below $5,000 - Bloodshed galore.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.