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Things were looking good for Ethereum, until they weren’t.
The cryptocurrency is down nearly 2 percent on the day, losing all of its gains over the past 24 hours. ETH hodlers are likely none too pleased.
Throughout October, the currency has been trading sideways—incurring small spikes in price, only to falter against newfound resistance levels and drop back to previous positions. Ethereum’s price peaked this month at around $194, though now it appears to be in danger of hitting the $170 mark again—a price point that it hasn’t seen in about 12 days.
According to data from CoinMarketCap, trading volume for Ethereum has been relatively mixed throughout October, but has dropped somewhat within the past day. The highest trading volume for Ethereum this month was recorded on October 10. During that time, volume spiked beyond the $8 billion mark. At the time, Ethereum gained roughly three percent in its overall price, and was trading for just shy of $190.
Now, as the trading volume has gone down a little, the price is falling back towards the $170 resistance level.
Of course, it isn’t just Ethereum that’s having a rough day. It’s been a red trading day for most of the market, with Bitcoin once again breaking below $8,000. Bitcoin Cash, meanwhile, is heading down toward the $211 per coin mark, while Litecoin is trading at $52.