Ethereum plummeted by more than 10% per day

The Ethereum cryptocurrency, which started working on the PoS accessory algorithm a few days ago, fell by 10.85% in 24 hours. At the time of writing, Ethereum is trading at $ 1,296.

Obviously, the cryptocurrency market continues to go through hard times — the Federal Reserve is promoting a tough policy, and this cannot but affect both the traditional stock market and the cryptocurrency market. In addition to ethereum, the value of the flagship cryptocurrency has also fallen, trading at $ 18,475 at the time of writing. The total capitalization of the entire cryptocurrency market has fallen below $ 1 trillion again.

Analysts believe that the markets will see a big jump in quotes in the near future, as the Fed plans to announce a 75 basis point (0.75%) rate hike. As for ethereum, according to analyst Justin Bennett, investors should be prepared for a 45% drop in ETH. As the expert explained a few days ago, ethereum is currently testing the neckline (a type of trading pattern) within the head-and-shoulders pattern. If the asset fails to hold this level, its rate will drop to $ 800.

It is worth noting that users who «remain loyal» to the PoW cryptocurrency should be careful — the EtherPoW Ethereum fork team has warned the community about the spread of fake accounts and phishing sites on social media that pretend to be the official project. According to a statement from EtherPoW (ETHW), users may fall victim to a fraudulent campaign on social media, where there is a massive spread of fake accounts and websites for the project.