Ethereum has fallen by 9.29 percent over the past 24 hours, it had dropped to $478.52 at 8.30pm on March 26, after it opened at $525.62 this morning, according to CoinMarketCap.
The second largest cryptocurrency plunged to $483.30 at around 1pm today and has only made up some of the ground it has lost.
Ether reached a high of $589.61 last week, meaning it has plummeted by 18.84 percent to the value it stands at today.
During midweek trading ETH experienced a freefall to hit a hard bottom of $512.27.
Aayush Jindal, analyst at ETH news, explained if the price of Ether managed to push above $515, then it could prompt the cryptocurrency to rise again.
“In the weekly analysis, we discussed the importance of the $500 support in ETH/USD. The pair failed to hold this level and declined further,” Mr Jindal said.
“Looking at the 30-minute chart of ETH/USD, there was a clear bearish break below a horizontal support at $518.00. As a result, there was a sharp drop and the price broke the $510 and $500 levels.
“A new weekly low was formed at $477.31 before buyers appears. The last three 30-minute candles are pointing to signs of a recovery. However, there are many hurdles, such as $500 and $510.
“Moving up to the 2-hour chart, it seems like ETH/USD failed to break a significant bearish trend line with current resistance at $515.00.
“The current technical structure will remain negative as long as the price is below $515, but a successful 2-hour close above this level may perhaps decrease the current bearish pressure and open the doors for a fresh upward wave.
“On the flip side, the recent low of $477.31 may act as a decent support, the next buy zone being around $450. Overall Ether could consolidate in the short term but it remains at a risk of more losses until there is a break above $515.00.”
Ethereum along with the other top five cryptocurrencies are in the red today.
The slump in prices comes amid news that Twitter is joining Facebook and Google by banning cryptocurrency advertising.
The ban will cover advertising of initial coin offerings (ICOs) - crowdfunding used to raise cash by creating new coins, token sales and crypto-wallet services.
The policy will also stop crypto-exchanges from advertising, with limited exceptions.
Twitter said this month it was taking measures to prevent crypto-related accounts from “engaging with others in a deceptive manner”, but had faced calls to go further after bans from Facebook and Google.
Ether has dipped below the $510 and $500 support levels against the US dollar.
The price of Ether was pushed down to a low of $450 on March 18 - the lowest level since December 11.
Ethereum has experienced a downward trend from the beginning of this year.
In January the cryptocurrency peaked at $1,388.86, however it has fallen since then and experienced a 40 percent month-on-month decline.
Experts have warned when the price of Ether falls below $500, as it has done today, it may call for more losses and it could reach the new price floor of $300.
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