In the daily chart, the ETH price trend surfaces a massive downfall at play. within a falling wedge pattern, Ethereum has plunged from its previous swing high near $4,000 by nearly 40%.

Currently, it is trading at $2,410, with an intraday drop of 4.18%. This comes as a bearish continuation of the 10% crash last night.

With the two bearish engulfing candles, Ethereum has broken below its February consolidation range, signaling renewed bearish pressure. Furthermore, it has nearly retested the lower support trendline, with a 24-hour low at $2,398.

Amid the increased selling pressure, the 100 and 200 EMA lines are on the verge of giving a bearish crossover. Furthermore, the daily RSI line has now taken a quick turnaround from the halfway line, nearing the oversold boundary. #Ethereum #CryptoNews