Ethereum (ETH) Drops to Lowest Level Since March 2021


Alex Dovbnya

Ethereum has lost its key support level, falling to its lowest price level since early 2021

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Ethereum (ETH), the second-largest cryptocurrency by market capitalization, fell to an intraday low of $1,661 on the Bitstamp exchange earlier today, its lowest level since March 28, 2021.

Image by tradingview.com

It is now 65.56% lower than the all-time high of $4,878 that the cryptocurrency managed to reach in November.

Meanwhile, Bitcoin (BTC), the leading cryptocurrency, has fallen below $29,000 again.

The crypto market plunged lower after US inflation hit its highest level in 41 years, with investors preparing for more rate hikes this year.

Some major altcoins were hit even harder than ETH, with Cardano (ADA) dropping more than 8% in the past 24 hours.

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