Weakening bitcoin provoked a decline in the value of almost all the largest cryptocurrencies. The second largest by the capitalization cryptocurrency Ethereum just last week had a great chance to take a psychological mark of $400.
The coin rose to $352, which turned out to be its biggest jerk since the beginning of August last year. However, at the end of last week, ETH began to rapidly lose ground, and on the night of Tuesday, July 2, fell below $300.
At the time of the publication of this review, the broadcast was trading at $280, its market capitalization was reduced to $29.938 billion.
The daily trading volume of coins is now just above $10.734 billion.
At the end of June, the activity of Internet users flew up to the highest point in the past two years. In just a day, more than 1 million transactions were completed on the ETH blockchain.
Many analysts then predicted the preservation of the dynamics of the upward movement of the coin, and they expected not only the overcoming of the milestone above $400, but also a spurt to $450 and higher. However, the negative trend began to dominate the market.
Despite the significant reduction in the cost of Ethereum, there are still many optimists in the cryptocurrency community. They bet on the resumption of growth of the coin after overcoming resistance at $270-290.
If Ethereum withstands the pressure, then we can see not only the re-testing of the $300 mark, but also the taking of more significant heights. Altcoin should be supported by Asian investors, who periodically switch from traditional assets to cryptocurrency.
