ETH Breaks Major Support

Ethereum just broke below the multi-month support that has held since June 26, 2020. More than a week ago we spotted Ethereum moving lower in a bearish parallel channel and predicted the potential testof $3000 which it is eyeing today.  Breaking below this support level could be fatal for Ethereum as it is in the case of Bitcoin as the price can plunge to $2600 support, fib 1.618, and below. Ethereum has support at $3000 followed by the spike lows just under $2800 that was tested in late September.  Resistance is at the 200-day SMA of $3400.