Late Friday, Ethereum was once again feeling the pinch of the broader crypto market, trading below $1,800, as prices retreated for the fourth consecutive session.
In spite of these little losses, the bearish momentum has prevented ETH from breaking through the $1,800 barrier in the last seven days.
After a sluggish pace in April, inflation surged again in May, which might have a negative influence on cryptocurrency markets already suffering from the Federal Reserve’s stricter monetary policies.
At the time of writing, ETH/USD has fallen to an intraday low of $1,761, less than 24 hours after reaching a high of $1,812.90. According to data from CoinMarketCap, the price of Ethereum has declined by more than 7 percent during the past 24 hours.
Suggested Reading | Ethereum Market Cap Cut By Over $100 Billion Last Month
The Ethereum price has continued to tumble under the dynamic resistance of the descending trendline since last month.
The aggressive sell-off ETH/USDT pair seen during mid-May surpassed the January low ..
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