The price of the Ethereum (ETH) cryptocurrency briefly crashed below $1,800 on Monday, sparking concern among Ether investors. The crypto market is in the midst of a massive sell-off, with several cryptocurrencies crashing in price. While ETH has since recovered to above $1,900, the asset is still down 8% in the past week.
The last time Ethereum traded below $1,800 was in October 2023, when it was slowly emerging from the two-year-long bear market. There is solid support at current levels, which were fortunately held to prevent the asset from tanking back to bear market lows. However, Ether is now forming what appears to be a double-top chart pattern. Several analysts have warned that if support here is lost, ETH could fall as low as $1,200.
However, the ongoing downturn has made investors fearful as Trump’s tariffs on China and Canada take effect from Tuesday. Canada faces 25% tariffs on goods entering the US while China is slapped with 10% tariffs. The US stock market reacted harshly on Monday as the Dow Jones closed 650 points in the red. The Nasdaq index fell by 500 points while the S&P 500 plummeted by more than 100 points. The stock market crash slipped into the cryptocurrency market, making Ethereum and other top cryptocurrencies tank.
Another part of the problems surrounding Ethereum involves the network’s test platform being hacked. Problems with Pectra testing and an unknown attacker sending zero-token transfers, causing empty blocks.
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On March 9, Ethereum (ETH) developer Marius van der Wijden said the issue had been fixed. “We suspected that the attacker was reading some of our chats, so we decided not to publicize the fix, but only update a few nodes that we controlled to get more full blocks on the network,” the developer said.
Ethereum, Bitcoin, Dogecoin, and Shiba Inu are among the most sought-after cryptocurrencies in the market. The four cryptocurrencies have a massive investor and fan base, which are larger than life. Traders await dips in these four assets and take entry positions while prices are low. If the market begins to recover, analysts will look to assets like Ethereum and Bitcoin first for signs of rebounds.
