It was a sad weekend for Ethereum. The world’s # 2 crypto asset has been flexing for most of this month while playing Bitcoin. This resistance ended several hours ago when ETH prices collapsed 9 percent.
The site crashes 9%
Ethereum spent most of the month with $ 180 to $ 190. Meanwhile, Bitcoin has eroded its Chinese FOMO bomb sensation in China at pre-peak levels this time last month.
With good progress in Istanbul and the DeFi ecosystem that continues to show growth and expansion, there was hope that ETH could finally begin disconnecting from its older brother. Those hopes vanished a few hours ago when Ethrum plunged into the digital chasm behind Bitcoin.
According to Tradingview.com, ETH prices fell from $ 175 to $ 155 before falling to around $ 160 where it is currently listed. The 9% pipeline returned prices to long-term support, which took place in October, September and early May.
The sad thing for Ethereum is that it is likely that it will continue to follow Bitcoin on its current downward trajectory. The next lowest key levels are $ 150 and $ 135 and it makes no sense to look the other way at this time.
Impact on DeFi markets
Because Ethrum is emerging to control distributed financing, how does the recent price collapse affect markets there? DeFi involves providing ETH smart contracts for loan protocols such as MakerDAO to earn interest.
Although ETH merchant bears are beaten by bears, those involved with DeFi remain intimidated. According to The Defiant loans, which today were at their third highest level in the last month, almost 47,000 ETH ($ 7 million), with almost 197,000 ETH ($ 31 million) provided as collateral.