• The price of Ethereum (ETH) fell sharply, to about $1550 earlier today.
• At the time of writing, ETH is trading at $1,684, down 7.6% in the last 24 hours.

The price of Ethereum (ETH) fell by 7.6 percent as the market suffered a sudden downturn, with most of the decline occurring in a short span. On Friday morning, most of the cryptocurrencies continued their terrible performances. According to statistics from Coinglass, the previous 12 hours saw one of the biggest sell-offs in the crypto market this year, with traders losing a total of $1 billion due to liquidations.

The price of Ethereum (ETH) fell sharply, to about $1550, before rebounding to a position slightly under $1700. Bitcoin investors lost over $498 million when they had to liquidate their long positions, while Ethereum (ETH) investors lost about $302 million.

Need of a Strong Catalyst

At the time of writing, ETH is trading at $1684, down 7.6% in the last 24 hours as per data from CMC. The price has been consolidating ever since it rebounded from a low of $1553 earlier today. There could be more trouble for ETH if the price breaks the recent support level of $1553. Bullish traders need to at least wait until the price clearly breaks above the $1726 resistance level.

Ethereum definitely needs a strong catalyst to overturn the momentum and start a fresh rally. All eyes are now on the approval of Ether ETF filed by several financial giants which is pending SEC approval.

The race for Ether Futures exchange-traded funds now includes some of the world’s most illustrious financial organizations. However, the SEC has not yet approved any Ether futures exchange-traded funds (ETFs) so far. Eric Balchunas, a prominent Bloomberg analyst predicts that the Ether ETF has a 95% chance of getting approved.