Ethereum price drop today: Is ethereum dead? Will the crypto go back up?
Confidence in the second biggest crypto token on the market was rocked this week as ETH slumped to the lowest price since February 6 and the lowest since the start of the new year – £415.16 ($579.51) on Thursday.
Ethereum is down 1.19 percent to $600 flat today, as of 9.20am on March 16.
Analysts in the crypto space noted the leading cryptos took a hit this week after Google revealed stricter advertising policies which will impact cryptocurrencies and initial coin offerings (ICOs).
The size of entire cryptocurrency market has now plunged by more than $130 billion since the start of March, according to market data provider CoinMarketCap.com.
Is ethereum dead? Will the crypto go back up?
Ether is under bearish pressure as it declined below $685.00 and further to $675.00 supports against the US dollar.
FX Empire analyst Yaron Mazor was less optimistic about the bearish crypto performance, warning the market has been unstable since mid December.
He said: “Ethereum is within a dangerous range for speculators. The current price of Ether is near 690 US Dollars per coin.
“Extremely important support for Ethereum lurks around $624.
“And should that support juncture fail to hold, speculators could be concerned Ether may aim for its late November and early December ratios between 500 and 400 US Dollars per coin.
“Ethereum has been under a wave of pressure the past week without any sustained buying yet to emerge short term.”
Coin Telegraph also warned Ethereum could continue to plunge if this bearish trend continues.
Ramesh Upadhyay wrote: “In the past four days, Ethereum failed to break out of the tight range of $745 to $654. Today, March 14, the bears are attempting to break down of the range.
“If successful, the ETH/USD pair can decline to the next support level of $565.54. Below this, the next support lies at $500.
“The downtrend is intact as the price continues to trade below both moving averages and inside the descending channel.
“Unless the bulls engineer a quick turnaround, the cryptocurrency will continue plunging.”
Follow @davidlanz for real-time crypto news!