The entire crypto market is in panic mode today. The news has been utterly terrible particularly with the collapse of $LUNA and the $UST stablecoin. Ethereum is testing the January lows around $2175-$2200. This level needs to hold. If Ethereum cannot gain footing here it's a high likelihood it will test the psychological $2000 level. Given the extreme oversold conditions I do expect a near-term bounce that could bring Ethereum back to the $2400-$2600 range in the next several days. Ultimately Ethereum needs to find the range it is comfortable in to begin consolidating before sustained price recovery occurs.
