The Ethereum (ETH) price has already lost 50% of its gains obtained during the recent recovery rally. The coin chart showed five consecutive red days, which plunged the coin price to $2600. This minor support stands as the last line of defense preventing sellers from pulling the coin to January’s low support at $2200, will bear domination continue or bulls step in at the last minute.
Key technical points:
The ETH chart shows a bearish crossover of the 100-and-200 SMA
The intraday trading volume in ETH/USD is $15.2 Billion, indicating a 39.5% hike.
Amid the ongoing sell-off in the crypto market, the ETH price reverted from the $3200 psychological level which registered an 18% loss in the last five days. The coin chart displayed a bearish double bottom pattern bolstered the supply pressure as sellers pulled the below $2840 neckline.
Following this breakdown, the altcoin plunged to the immediate support of $2600. By the press time, the ETH price is trading $2728