Ethereum fell by 10.11% on Wednesday, trading at $238.09. The crypto experienced the largest one-day percentage loss since September 24, 2019. Before the downfall, Ethereum was on the brink of a major breakout. It continually closed above $257 level of support during the last few days, demonstrating bullish strength.
At the time, traders set the targets to the upside at $269 and $290. Both of them also acted as points of resistance over the past few weeks. Bulls hoped that Ethereum would manage to break the resistance levels, while it was trading above all major moving averages.
Besides, it was coupled with the recent exponential moving average golden cross and seemed to be aiming towards an extended rally during the next months. If the crypto manages the breakout from $290, it will achieve the greatest rally since 2019’s yearly high of $365.
Ethereum has started to form a bull flag following the 135% rally after 2020, which would further help the crypto hit high. However, this isn’t the case so far. The overnight drawback caused Ethereum to fall behind, halting it on its way of a new high.
Where does Ethereum stand now?
The recent fall caused Ethereum’s market cap to lower by 9.83% of the total cryptocurrency market cap, stopping at $26.48B. So far, Ethereum’s market cap reached its highest point when it was at $135.58B.
Crypto fluctuated during the last twenty-four hours, trading in a range of $238.09 to $250.05. It has lost a total of 13.93% over the past seven days, trading in a range of $238.0932 to $276.8061 during that time.
So far, Ethereum is still down by 83.27% at its current price from the all-time high of $1,423.20, which was set on January 13, 2018. Crypto needs to overcome the resistance level of at least $310 to rally again.