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The intense selling pressure surrounding cryptocurrencies caused Ethereum (ETH/USD) to fall sharply from multi-month highs it set at $253.50 earlier in the day.

The pair erased near 7% in a matter of minutes and dropped all the way to $224 before recovering modestly. As of writing, ETH/USD was down 5% on the day at $235.50.

Reflecting the negative sentiment in the crypto markets, Bitcoin (BTC/USD) is down 6.3% on the day at $9,550, Ripple (XRP/USD) is losing 4.45% at $0.20. 

Ethereum 15-min chart