Ethereum (ETHUSD) trips as as drops below $400

A little earlier today Ethereum (ETHUSD) did manage to hold above a noted support point around 402 where it had set up an interim double bottom. That has looked to cap the earlier downside run, but as the US equity markets have slumped it has undermined the whole crypto sphere as rising risk aversion has dented the demand for such assets. That has halted Bitcoin in its tracks too and the lead coin looks like it could soon drop back below 13k again. The move in Ether is mirroring that as well as it falls below $400 and more than likely tripped short term stops in the process as the whole market runs for cover. The mood might change as the session develops, but it will require the US equity markets to stop falling first. That is not currently the case and so Ether is under pressure. ETHUSD is just now trading a little higher having just rebounded from a low at 398.20