Ether (ETH) briefly dropped below $1,400 for the first time in two months earlier in the session, but managed to recover slightly following the release of a mixed US jobs report for February. ETH, the cryptocurrency that powers Ethereum, was last trading close to $1,425. The coin remains down by close to 1% on the session and close to 7% lower in the last 24 hours. Sell pressure has intensified due to concerns relating to the collapse of crypto-friendly Silvergate Bank, a growing liquidity crisis at SVB Financial and legal action alleging that Ether is a security. Leveraged long-position liquidations have spiked, and options markets have turned bearish. The 200-day moving average level of $1,423 has been touted as an important support level for Ethereum in 2023.