• Ethereum broke key support level 2950.00
• Likely to fall to support level 2400.00

Ethereum cryptocurrency recently broke sharply below the key support level 2950.00 (low of the previous short-term impulse wave (iii) from the start of January, as can be seen from the daily Ethereum chart below), intersecting with the daily support trendline from September. The breakout of the support level 2950.00 accelerated the active impulse waves C and (B).

Given the widespread bearish sentiment that can be seen across the cryptocurrency markets today- Ethereum cryptocurrency can be expected to fall further toward the next support level 2400.00 (target for the completion of the active impulse wave C).