(Refer ETH/USD chart on Trading View)

ETH/USD broke below 300 levels for the first time in 2018 as it hit a low of 250 levels.

The drop comes amid wider weakness in the cryptocurrency market. According to CoinMarketCap, the total market cap has slid below the $200 billion mark.

The pair is down by over 82 percent so far this year.

It is currently trading at 260 levels at the time of writing (Coinbase).

The pair’s upside is capped by 302 (5-DMA) and a consistent break above would see it testing 342 (10-DMA)/375 (21-EMA)/400.

On the downside, support is now seen at 237 (113% extension of 828.97 and 305.14) and any violation would drag it to 200/178 (July 29 2017 low)/141 (161.8% extension of 828.97 and 404.22).

Bias remains bearish on the daily chart with no major sign of reversal. However, there could be minor pullbacks as momentum indicators are at the oversold levels.

Call Update: We recommended staying short in our previous call. The pair has hit TP1.

Recommendation: Book partial profits, stay short. Trail SL to 310. TP: 240/200.