Key Support levels: $4,175; $3,850
Key Resistance levels: $4,350; $5,075
ETH already gave us plenty of warning signs that a market downturn would occur.
As we flagged before, the price broke below the ascending wedge (which was a bearish formation), and the MACD did a bearish cross on the daily timeframe. Today, these signals materialized with a 10% price drop, pushing ETH below the key level at $4,400.
It’s important to see how today’s candle will close before further analysis. Until then, ETH has good support at $3,850. As long as that level holds, the cryptocurrency remains bullish in the long term.
Chart by TradingView
The Technicals
Trading Volume: Volume increased on this drop, and this is bearish. Unless bears are satisfied with the current price, ETH could continue to fall lower towards the key support, albeit in a less dramatic fashion compared to today.
RSI: The RSI took a nosedive as with all indicators, and it is currently located under 30 points on the 4-hour timefra
We współpracy z: https://cryptopotato.com/ethereum-price-analysis-eth-crashes-10-overnight-but-is-the-correction-over/
