Late Friday, Ethereum was once again feeling the pinch of the broader crypto market, trading below $1,800, as prices retreated for the fourth consecutive session. In spite of these little losses, the bearish momentum has prevented ETH from breaking through the $1,800 barrier in the last seven days. After a sluggish pace in April, inflation surged again in May, which might have a negative influence on cryptocurrency markets already suffering from the Federal Reserve’s stricter monetary policies. At the time of writing, ETH/USD has fallen to an intraday low of $1,761, less than 24 hours after reaching a high of $1,812.90. According to data from CoinMarketCap, the price of Ethereum has declined by more than 7 percent during the past 24 hours. Suggested Reading | Ethereum Market Cap Cut By Over $100 Billion Last Month The Ethereum price has continued to tumble under the dynamic resistance of the descending trendline since last month. The aggressive sell-off ETH/USDT pair seen during mid-May surpassed the January low of $2170. However, in the face of a growing instability in the crypto market, the selling pressure fell, resulting in a slow yet steady decline. Ethereum Still Managed To Pull Up 0.33% In spite of Ethereum’s intraday low of $1,761, a review of the previous week reveals a 0.33 percent price growth. This has allowed ETH to remain above the $1,750 level, despite attempts by the bears to lower the price. E...
