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  • ETH/USD has lost 3over 7% on a daily basis amid global crypto sell-off.
  • Paul Krugman says crypto takes us back 300 years.

ETH/USD is trading at $416 at the time of writing. The second largest coin with a market value registered at $42.3B has an average daily trading volume settled at $1.9B. The price is down 7.5% from this time on Tuesday as the whole cryptocurrency market crashed lower after a prolonged period of consolidation with negative bias.

While are no ETH-specific news that could have influenced the coin’s price, Ethereum is vulnerable to general market sentiments, which turned sour after HitBTC exchange reported hardware issues. Apart from that, Nobel laureat Paul Krugman published another devastating article on cryptocurrencies.  

”  Cryptocurrency enthusiasts are effectively celebrating the use of cutting-edge technology to set the monetary system back 300 years. Why would you want to do that? What problem does it solve? I have yet to see a clear answer to that question,” he said.

Sure enouth, his opinion won’t force those enthusiasts to change their mind, but he is a heavy-weight in the financial world.

Ethereum’s technical picture

Looking technically, ETH/USD slid below  $421 (the lowest level of July 12), which brings critical $400 in focus. If it si broken, the downside may be extended towards $353 (2018 low). On the upside, the key   resistance is created by $460 and $470 handle, surrounded by 200 and 100-SMAs.

ETH/USD, the daily chart