Ethereum closed above the downtrend line on April 03 but could not sustain the breakout. Today, April 04, it has given up all the gains and is threatening to break below the April 01 lows of $358.
If the bears succeed in breaking down the supports, the ETH/USD pair can slide to $300.
The weak pullback after such an extensive decline from $870 on March 05 to $358 on April 01 shows a lack of demand.
The digital currency remains firmly in a downtrend with both the 20-day EMA and the 50-day SMA falling. We will wait for the trend to change from down to up before suggesting any long positions.