Ethereum has been surging for several weeks, despite the fact that BTC struggled to breath $58k resistance. The world’s largest altcoin even managed to go beyond $4,000, and hit a new all-time high at $4,362 exactly 7 days ago.
However, following Elon Musk’s announcement that Tesla will no longer accept BTC payments for its electric cars, Bitcoin price started going down, and ETH started to follow. Despite this seemingly straightforward cause and effect, many believe that Musk actually had little to no impact on the crypto price behavior.
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Ethereum’s drop did not slow down even as its co-founder, Vitalik Buterin, burned 90% of his Shiba Inu tokens and donated the rest to charity.
Ethereum price drops after hitting ATH
Ethereum saw a series of sharp drops, in the last 7 days, each of which broke smaller supports, such as the ones at $4,250, $4,000, and while the support at $3,600 held for a time, even allowing the price to briefly jump back up, it was eventually broken, as well.
The same goes for the support at $3,200, which was broken earlier today, allowing ETH to drop to $2,956.