Ethereum [ETH] crashes by 4% to hit $200; other big coins follow the trend

In the current scenario of the cryptocurrency market, many of the big coins are experiencing a price-jerk. Ethereum [ETH] is one of the coins to be facing the bear’s wrath and is down by 3.42%, trading at a price of $201.56 with a market cap of $20.8 billion. The 24-hour trading volume was recorded to be $1.59 billion.

ETHUSD 1-day price chart | Source: coinmarketcap

Across the day, ETH underwent multiple major fallbacks wherein the first occurred at $209 to $206 with a difference of almost $500 million in the market cap. The second severe breakdown in the price of ETH was observed when it plunged to trade at $200 where the market cap was $20.7 billion.

As on the weekly chart, Ether was trading at a bullish price of $220 with a market cap of $22.7 billion at the beginning of the week. Along the way, the coin struggled to hold its price to a certain support level but finally dropped below to hit $200 today.

ETHUSD 7d price chart | Source: coinmarketcap

In a technical analysis conducted earlier today, most of the indicators were bearish on the cryptocurrency while two others were positive on the price trend. This had been a major hint of the market price to fall. The Bollinger Bands also predicted an increased volatility in the market, which can be taken into account to further predict the fluctuation in the Ether market.

As of the latest developments in the ecosystem, Vitalik Buterin, the Co-founder of Ethereum gave an interview recently wherein he discussed the concepts of scalability and efficiency. Here, the blockchain mastermind also explained sharding and transactions on the Ethereum blockchain.

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