Volatility had struck the crypto market. Ethereum [ETH], Solana [SOL], Polkadot [DOT] were seen majorly bruised by the bear. Almost every asset was drowning in the red sea. Bitcoin [BTC] continued to plummet and was at a low of $42K. Over the previous seven days, the king coin endured losses up to 11.36%. The coin’s market cap mirrored this notion as it dropped down below $800 billion.
The overall market cap of the crypto-verse was directly impacted by this downfall and the numbers were at $1.87 trillion, during press time.
Other assets witnessed a similar fate and Ethereum [ETH] was seen enduring the most daily loss. The altcoin was seen dipping by 4.75% over the last 24-hours. During the time of writing, ETH was trading for $2,926. ETH has been hovering around this zone for quite some time now. The altcoin’s efforts to move on towards $4K were depreciated. Over the previous seven days, ETH dropped by 14.43%.
Ethereum [ETH] has remained the second-largest crypto asset for the longest time. Similar to Bitcoin [BTC] the market cap of ETH was undefeated by any crypto asset. At press time, ETH’s market cap was at $343.7 billion while Bitcoin’s was at $793 billion.
Ethereum [ETH] one-hour price chart on Coinbase
The short-term price chart of ETH noted a positive sign. The altcoin’s one-hour chart suggested that ETH could garner short-term relief by the bull. The Parabolic SAR indicator formed dotted lines below the candlesticks and laid out a line of support. The Awesome Oscillator followed this path and rolled out green closing bars. These bars signified the presence of bulls in the ETH market. The hope around ETH surging over $3K was put forth by all these indicators.
No major buying or selling activity was noted in the ETH market the Relative Strength Index [RSI] indicator affirmed. The RSI marker was exactly at the 50 median mark.