Ether is down $125 (5.95%), trading around $1,977.3

Ethereum crashes after losing $125, breaking down to $1,977.3.

Ethereum broke through the $2,059.47 support line and dropped $82.18 below it. Ether made an initial break below its 10 day Simple Moving Average at $2,029.61, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of $1,966 currently serving as support. If price action breaks below, the next Fib hurdle is $1,918.25.

In the short term, Ether is expected to maintain its recent downtrend and continue spiralling lower.

Ether has managed to gain 72.78% so far this year despite trading at lows around $993.77 previously. Ethereum is currently trading with a market cap of 235.98 billion with an average daily volume of 9 billion.