Ethereum breaking through support on Friday was the tell.

Cryptocurrencies are suffering huge declines this weekend in a bad sign for the space. Bitcoin is the relative winner, down on 5%. That's likely a function of holders of alt-coins shifting to bitcoin in a 'safe haven'.

Ethereum is down more than 20% from Friday's highs after it broke through $1700, a level that's repeatedly held over the past 15 months. I highlighted the breakdown on Friday.

It gets worse the further you go down the food chain with precipitous drops in XRP, solana, cardano and dogecoin but the charts are similar to ETH/USD.

ethereum chart June 12 2022

The drop highlights the pain in broader markets. Liquidity is tightening up and the market now fears the Fed will have to tighten the US economy into a recession.

That means market participants are looking for shelter rather than taking risk. On Friday, the S&P 500 fell 2.76% and the Nasdaq 3.5%. Both are now within striking distance of the May lows.