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  • Ethereum is in the hands of the bears as the RSI dives into the oversold territory.
  • Ethereum locked in DeFi systems drops by 12% in ten days to $1.06 billion.

Ethereum price alongside other cryptocurrencies is losing ground from the yearly highs posted in February at $288. The losses remain unstoppable following the rejection at $280. At the time of writing, about 3% has been recorded in losses with ETH/USD having dropped from $265.66 (opening value) to $257 (market value). Recovery above $270 and $280 continues to be a pipe dream amid increased selling activity across the crypto space.

Ethereum held in DeFi tanks 12% in ten days

The Ethereum (ETH) held in Decentralized Finance applications has nosedived by 12% to the current $1.06 billion. The drop is reminiscent of the 10% slide in the price of ETH from the rally that hit highs of $288 on February 15. In itself, DeFi cannot be used to measure adoption as well as the change from traditional methods of finance to the decentralized automated financial systems. In the past few weeks, as Ethereum soared to new yearly highs, the amount of ETH locked in the DeFi apps grew significantly surpassing the $1 billion mark. For now, time will tell if ETH price will continue to suffer as investors exit the DeFi platforms.

Ethereum price technical update

Ethereum bulls are working hard to push for gains above $260. The price is trading below the two averages, the 50 SMA at $267 on the hourly chart and the 100 SMA at $265. If the momentum remains in the same downward trend, ETH/USD could dive further towards $250. Besides, the RSI shows that sellers have the upper hand.

ETH/USD 1-hour chart