Ethereum came under strong selling pressure on Thursday and dropped to its lowest level in five days near $160 as the technical correction deepens following last week’s impressive rally. As of writing, the ETH/USD pair was down 7.7% on a daily basis at $164.
Although there wasn’t a clear catalyst behind the ETH selloff, the fact that the total market capitalization of all cryptocurrencies dropped to $170 billion from $185 billion suggests that investors are booking their profits.
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