Ether, the native cryptocurrency of the ethereum network, has fallen to one-month lows below $800 and looks set to extend losses further.
As of writing, the second largest cryptocurrency by market capitalization is trading at $787 – down just over 5 percent in the last 24 hours. Prices fell to $779 earlier today, which is the lowest level since Feb. 8, as per data source CoinMarketCap.
The sharp price recovery seen last month ran out of steam at a high of $982 on Feb. 18. Ether has since depreciated by 19 percent.
The bad news for the bulls doesn’t stop there, either, as the chart analysis indicates this could just be the beginning of an extended sell-off towards $700-$670.