Ethereum has lost its key support level, plunging to the lowest price point since early 2021
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Ethereum (ETH), the second-biggest cryptocurrency by market capitalization, dropped to an intraday low of $1,661 on the Bitstamp exchange earlier today, the lowest level since March 28, 2021.
It is now down 65.56% from its record peak of $4,878 that the cryptocurrency managed to achieve in November.
In the meantime, Bitcoin (BTC), the leading cryptocurrency, has once again slipped below the $29,000 mark.
The crypto market plunged lower after U.S. inflation hit the highest level in 41 years, with investors preparing for more rate hikes this year.
Some major altcoins got hit even harder than ETH, with Cardano (ADA) plunging by more than 8% over the past 24 hours.