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.
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. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.