The crazy crypto weekend continued Saturday night as Etherum broke below its recent low, triggering another huge wave of selling and forced liquidations as margin calls got initiated after the deep correction. The cryptocurrency dragged the whole market lower amid, with all the majors falling strongly, but lots of small cap coins held up above their previous lows. The price of the ETH token spiked as low, as $135 marking a 66% decline from the $400 high, before bouncing back above $150.
ETH/USD, 4-Hour Chart Analysis
The crypto markets total value fell below $60 billion during the plunge, nearing a 50% decline from the historic highs of $110 billion only a month ago. The mainstream narrative is still focused on the possible Bitcoin fork and the Judgement Day of the coin. As BTC is “only” 30% off its highs currently, the weight of the most valuable cryptocurrency surged back towards the half of the total market. The extent of the correction (that started out in a highly overbought situation) is comparable to the preceding rally, but the coins still only got back to levels that they first reached in the middle of May. Let’s see how the majors performed during the Ethereum crash.