Ether's technical recovery from the 100-day low hit yesterday looks to be a "dead cat bounce."
The world's second largest cryptocurrency by market capitalization, which traded around $740 a week ago, fell to $460 on Sunday - its lowest level since Dec. 11. The 37.8 percent fall looks to be associated with ether-specific news flow and broad-based risk aversion in the crypto markets.
Last week, an official at the U.S. Securities and Exchange Commission (SEC) said the agency is investigating "dozens" of initial coin offerings (ICOs) - news that seems to have weighed over ether, given the ethereum blockchain serves as a platform for token creation via its ERC-20 standard.
Further, ETH's drop below $500 yesterday coincided with reports that the EOS team is releasing about 400,000 ETH tokens on the market. While the EOS token is built on ethereum, it is widely considered a crypto competitor.