๐ฅ Ethereum Falling After Being Overbought: Healthy Correction
Just like many other cryptos, ETH is currently experiencing a lot of bearish price action. However, this will only benefit ETH in the long-run.
In a recent BTC post, I discussed the possibility for a bearish correction for Bitcoin after being severely overbought. I reckon that ETH is on the verge of doing the same.
On the chart I've marked a major area of support between $3300 and $3000 based on recent tops and round numbers. I'm expecting ETH to fall within this area, after which it will reverse strongly ideally. This could mean that we're facing another 1-2 days of bearish price action before any meaningful reversal can occur. Plan accordingly.
Happy trading!
In a recent BTC post, I discussed the possibility for a bearish correction for Bitcoin after being severely overbought. I reckon that ETH is on the verge of doing the same.
On the chart I've marked a major area of support between $3300 and $3000 based on recent tops and round numbers. I'm expecting ETH to fall within this area, after which it will reverse strongly ideally. This could mean that we're facing another 1-2 days of bearish price action before any meaningful reversal can occur. Plan accordingly.
Happy trading!
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