Ethereum Price Forecast: ETH breakdown intensifies as cryptocurrencies bleed

• Ethereum tumbles below the ascending channel as losses to $1,400 linger.
• The downtrend is validated from a short-term technical perspective based on the MACD.
• Support above the 200 SMA and a move past the 50 SMA would lead to gains targeting $2,000.

The cryptocurrency market is swimming in in red waters following the bearish wave on Monday. Ethereum dropped from highs above $1,900 to seek support at $1,700. The declines are believed to have come into the picture following the report regarding banning digital assets in India.