Market Wrap: Ethereum Loses $1,600 Support as RUNE Lost 20%

Ethereum is back to its phase of little or no volatility. As a result, there are a lot of tiny candles on its daily chart with no notable effect on prices. Nonetheless, there were positive moments when the apex altcoin made attempts at resistance.

These times were also the same as when the entire crypto market registered notable increases. One such was on Monday when the global cryptocurrency market cap started trading at $1.05 trillion but shot up as the day progressed.

Afterward, the industry’s worth hit a high of $1.08 trillion as the prices of other crypto assets improved. However, before the end of the intraday session, the sector under consideration started to fluctuate with value threatening to dip further.

This was the case as it started losing its worth gradually and as at the time of writing, it is back to its opening price. 

One of the biggest movers during this period was Bitcoin. The apex coin flipped the $26k resistance and edged towards $27k. Breaking it, it set sights at $28,000 but failed as it faced strong rejections at $27,483. 

Other events took place during this time. 

Ethereum Lost the $1,600 Support

Ethereum price over the last seven days kicked off with notable thrill as ETH made an attempt at key resistance. For example, on Monday it tried testing the $1,700 barrier but failed as it failed to exceed $1,669 and a similar event took place the next day. 

After these trials, it gradually retraced and dropped below $1,600.

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