Ethereum's native token, Ether (ETH), saw its worst daily performance of the year as the U.S. Securities and Exchange Commission (SEC) stopped Kraken, a cryptocurrency exchange, from offering crypto staking services.

On Feb. 9, ETH's price plunged nearly 6.5% to around $1,525, the largest single-day decline since Dec. 16 of last year.

From a technical perspective, Ether price is positioned for a potentia 20% price correction in February.

Notably, on the daily chart, ETH price has been undergoing a pullback move after testing its multi-month descending trendline as resistance. It now holds the 200-day exponential moving average (200-day EMA; the blue wave) near $1,525 as support.

(By YASHU GOLA)