Bitcoin

Ether plunges over 9% to hit 9-session low

Berto Tordecilla

Dec 12, 2023 — 1 min read

Ether prices plunged over 9% on Monday to hit a 9-session low of $2,145, as a drop in Bitcoin and crypto stocks fueled selling pressure across digital assets.

After consolidating November’s gains, Ether broke below its 10-day moving average with its RSI turning down from overbought levels. The sharp reversal helped form a monthly inverted hammer candle and generated bearish technical signals near the 38.2% Fibonacci retracement of its $4,869-to-$880 drop.

Ether found support near previous monthly highs and has pared some losses Tuesday morning, trading around $2,223 at 10:20 GMT. Bitcoin was trading at $41,771 at the same time.

Further moves may be driven by US inflation data later today and the Federal Reserve meeting tomorrow, which could impact broader risk sentiment.