Following major drops in Nasdaq Composite and Dow, ETH price has breached the critical $1700 support level that it had tested in the June-August period last year. The last traded price at the current time is around $1570, while BTC is at $28,810.

As can be seen in the price chart, this is a continuation of the downtrend that begin after the all time high of $4868 reached before the beginning of 2022.

The Nasdaq Composite dropped 3.52% yesterday to close at 11,340, considered to be the biggest slump seen since the 2008 recession. Yesterday’s drop is attributed to worries over consumer price index data.