Dorsey's NFT Value Crashes to Less Than $5 Amid Broader Crypto Market Trends

The cryptocurrency market has been plagued by a series of ups and downs over the past year, with even high-profile assets facing relentless pressure. One such asset is Jack Dorsey's inaugural tweet NFT, which was snapped up for $2.9 million in 2021 but now fetches less than $5.

This devaluation underscores the brutal nature of the NFT market crash and highlights the volatility and unpredictability of cryptocurrencies. Despite this downturn, technical analysis suggests that Ethereum (ETH) is poised to continue its upward momentum.

According to charts, ETH is currently trading at $2347.61, just above the EMA50 support level at $2324.61 and well clear of the EMA200 at $2270.69. The MACD has flashed a golden cross at 0.43, indicating sustained upward momentum.

However, with the Relative Strength Index (RSI) at 58.49 in neutral territory, price probing the upper Bollinger Band resistance near $2348.72, we are eyeing potential exhaustion and expect a tactical pullback to test that EMA50 level before bulls regroup for another leg higher.