If ETH crosses, and closes below, the 200 Day SMA (on the daily chart) then it could drop all the way down to test the March 2021 lows around the $1,580 range.
Comment:
On the daily chart ETH has crossed below the 200 day moving average, signaling a bigger push to the downside if it holds below that level for the next nine hours (until after the close of the daily candle).
Given the speed of the push downward, accelerated by the swirling global negative crypto news, it's possible that the support around $1,580 could be broken, fueling a move down toward the $1,100/$1,000 levels.
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Given the speed of the push downward, accelerated by the swirling global negative crypto news, it's possible that the support around $1,580 could be broken, fueling a move down toward the $1,100/$1,000 levels.