Ethereum dropped down sharply on Wednesday, experiencing the largest one-day percentage loss since September 24, 2019. The cryptocurrency traded at $238.09 after it fell by 10.11%.
After such a drastic fall, Ethereum’s market cap also lowered by 9.83% of the total cryptocurrency market cap before stopping at $26.48B at last. Ethereum’s market cap reached its highest peak at $135.58B thus far.
The crypto experienced lots of ups and downs over the last twenty-four hours. It traded in a range of $238.09 to $250.05. Furthermore, while trading in a range of $238.0932 to $276.8061, Ethreum has lost a total of 13.93% over the past seven days.
Analysts Thought Ethereum Would Break Out the Resistance Level at $269
Ethereum was on the brink of a big breakout before it plummeted down. The crypto demonstrated bullish strength, closing above $257 level of support over the last few days.
Traders thought that Ethereum would manage to break the resistance levels, while it was trading above all major moving averages. With that hope, bulls set the targets to the upside at $269 and $290. While both of them acted as points of resistance over the past few weeks as well.
Furthermore, the cryptocurrency seemed to be aiming towards an extended rally during the next months, while being coupled with the recent exponential moving average golden cross. Ethereum will achieve the greatest rally since 2019’s yearly high of $365 if it manages the breakout from $290.
Ethereum rallied at the beginning of 2020 by 135% and started to form a bull flag after that. Ultimately it would help the crypto hit high, but the recent drawback caused Ethereum to fall behind, halting it on its way of a new high.