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.

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

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.

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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