Crypto Meltdown Remains Alive With ETH As the Biggest Loser of the Day
The crypto bloodbath keeps underway across the biggest digital assets by market capitalization, with Ether (ETH) becoming one of the major losers across the sphere.
The US Federal Reserve (FED) and its recently released minutes are attributed as the main catalysts behind the buying interest around the US dollar. In fact, the US central bank hinted at a faster timetable to start hiking the interest rates this year.
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Ether Under Heavy Selling Pressure
ETH is exchanging hands at around $3,386, approximately down -4% on the day as of press time. The price managed to pierce below the $3,650 level, which was a critical support zone established at the end of last year.
On the other hand, Bitcoin (BTC) entered a rangebound stage around $42,900, still -1.21% down on the day following a strong decline from the highs at $47,076. Now, the world’s biggest crypto by market cap keeps a critical support at the $42,800 level, fueling the interest in the buyers, although it’s limited.
Next on the line is Litecoin (LTC), which remains capped by the psychological zone of $135 after it plummetted from the highs around $150, and its daily change stands at $134.87.
In the crypto assets that trade against BTC, Ether plunged over 5% following the FOMC’s minutes. “There’s a real risk now, I believe, that inflation may be more persistent and…the risk of higher inflation becoming entrenched has increased,” Jerome Powell, Fed’s Chairman, noted in the statement.
Altcoins Sphere In Bears’ Eyes
In the altcoins sphere, Chainlink (LINK) loses bullish ground after dropping -4.92% on the day to quote at around $23.98.
From a technical point of view, the cryptocurrency attempts to consolidate below the 50-period simple moving average at the H4 chart. Then, it tries to reach the 200-period simple moving average, fueled by a negative RSI indicator in the same timeframe.
Moreover, Cardano (ADA) wants to recover above $1.24 following a strong fall from $1.34, where it found dynamic resistance.