Ethereum is facing intense pressures as it fell below the $560 support against the US dollar again.
A bearish trend line is forming, and the ETH token could continue to slide – with the possibility it could even break the $500 level.
As of 12.30pm on March 18, the Ethereum price is worth $514 – a drop of some 13.6 percent today.
Ethereum’s market cap is recorded on CoinMarketCap.com as $49,557,599,964.
How low will ethereum go? Why is ETH falling?
Analysis from News BTC read: “This past week, a major downside move was initiated from the $750 swing high in ETH price against the US Dollar.
“The price declined and moved below the $700 and $600 support levels. The decline accelerated recently and sellers succeeded in pushing the price below the $560 support.
“ETH price is now trading well below the $600 level and the 100 simple moving average (2-hours).
“The recent low was formed at $508 and it seems like the price may even not correct in the short term.”
The weekend trading on Saturday has seen the price slide to early December 2017 lows.
CryptoOrder wrote: “During the decent, ETC/USD broke past several support levels at $600, $585 and $575.
“The hourly chart shows that Ethereum price did not find support at any the retracement levels.
“The price is trading below the 23.6% Fib retracement level with the last swing high of $625 and a low of $570.”
Ethereum is not the only cryptocurrency suffering today.
Bitcoin (BTC) surged from less than one dollar in 2010 to nearly $20,000 last December.
But today, as of 11am on March 18, the BTC token is down even further with a price of $7,631 and a drop of -8.02 percent.
While Ripple is down to $0.59 – a loss of 12.34 percent.