The bottom fell out of Ethereum: ETH/USD slumped 9.5% in 24 hours to the lowest level since July 2017

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  • ETH/USD slump is gathering pace as the coin takes out one support after another.
  • Vitalik Buterin says his comments were misinterpreted and twisted.

Ethereum is changing hands at $174.60. The coin resumed the downside after a feeble recovery attempt late on Tuesday. ETH has lost over 4% of its value since the beginning of the day and nearly 10% in recent 24 hours. It is one of the worst performing digital coins with over 37% loss in past seven days.

Ethereum’s technical picture

ETH/USD is moving closer to uncharted territory as there are no support levels below $174.00.  Once it is cleared, the sell-off may gather pace and take the price towards $155.00, which is July 17, 2017 low. On the upside, the hurdles are plenty, and the first one comes at $186. This level stopped the recovery attempt late on Tuesday. Then comes $190 and $200, which looks unreachable now.

Many experts blame Vitalik Buterin for the recent cryptocurrency sell-off as the Ethereum creator, who said that the market had no room for growth. However, it seems that crypto community misinterpreted his words missing out positive aspects.

“To be clear, I never said that there is “no room for growth” in the crypto ecosystem. I said there is no room for *1000x price increases*. A 1000x price increase from today means $200T in crypto, or ~an entire 70% of today’s global wealth being in crypto,” he explained in his Twitter account. 

Moreover, he actually said that he was positive about the future of cryptocurrency industry, due to “deep reservoirs of value just waiting for the right trigger,” but no one was listening.

ETH/USD, 1-hour chart

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