ERA plunges by 63.95% within 24 hours during significant downward movement

On September 10, 2025, ERA experienced a dramatic 63.95% plunge in just one day, falling to $0.00082973. This marked a 43.92% loss over the previous week and a staggering 541.48% decrease over the past month. Looking at the last twelve months, the token has plummeted by a shocking 4661.23%, reflecting a deep correction in its market price.

There has been no indication of a price floor, as ERA continues to drop within a well-established bearish channel. The 20-day exponential moving average remains far above the current value, underscoring strong downward momentum. Experts have pointed out the lack of immediate support levels, which raises concerns about the likelihood of further price declines in the short run.

The current price action fits into a larger technical trend of weakening on-chain activity and subdued trading. With buying interest nearly absent, the token remains susceptible to significant sell-offs that intensify the downward spiral. Historical trends indicate that under such circumstances, tokens usually stabilize only after enduring periods of intense volatility and low liquidity.

This negative outlook is further supported by major technical signals like the Relative Strength Index (RSI), which has dropped below 30, indicating oversold conditions. Although such readings sometimes precede short-term recoveries, the persistent overall downtrend and low trading volumes suggest that any recovery may not last long.

Backtest Hypothesis

A backtesting approach has been designed to identify possible entry points using the observed RSI and price behavior. The method suggests entering a long position when the RSI rises above 30 and a confirming candle closes above the 20-day EMA. The stop-loss is set below the most recent swing low, while profit targets are placed at the next resistance zone. The premise is that, even in a strong bear market, brief countertrend trades may appear in severely oversold scenarios. Still, due to weakness across the broader market, both the success rate and risk-to-reward are expected to be less than ideal, making this strategy more appropriate for learning or highly cautious investment approaches.