Do or Die For The Bulls as Ethereum (ETH) Price Tests 200DMA Support

Ether (ETH) bulls are facing a do-or-die moment, as the world’s second-largest cryptocurrency by market capitalization that powers the dominant smart-contract-enabled Ethereum blockchain retests key support in the form of its 200-Day Moving Average in the $1,420s.

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The ETH price briefly dipped below the 200DMA to hit $1,408, before regaining some composure to trade closer to $1,450 once again.

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[{"selector":"#anim-d4539809-a35e-470e-9979-58fd06481043 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(20.58520035498841%, 22.110943415197198%) scale(1.4464285714285714)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Cryptocurrency markets have been taking a broad beating on Thursday in wake of Wednesday's collapse of crypto-friendly bank Silvergate, which has raised concerns that fellow crypto-friendly financial institutions SVB Financial and Signature Bank might be next.

[{"selector":"#anim-ea685442-88cb-42f5-83b6-e6d1dafe55c0 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-38.25367643528266%, 0, 0) translate(13.235294117647056%, 5.013788713142796%) scale(0.7352941176470589)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] One saving grace for ETH might come in the form of its 14-Day Relative Strength Index (RSI), which is close to entering over-sold territory, signaling some consolidation might soon be in order.

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