After such a big drop, I actually feel like it’s not that scary anymore. $ETH It’s down 5.65% on the day, trading at 2,114.9, just a step away from the 24-hour low of 2,060.
The reason is simple: with a slow, grinding decline like this, most of the panic selling has probably already happened. What’s truly scary is a flash crash that plunges in a single candle. Now it’s hugging the lows, and the bears will have to think twice before pushing it further down—there’s not much left to squeeze out below.
Of course, I could be completely wrong: if 2,060 doesn’t hold and the price breaks below it, that’ll be a new low. At that point, saying it’s “fallen too far” would just be wishful thinking. My inclination is to sit tight for now and wait until it stabilizes above 2,060; if it can’t hold, I’ll change my mind immediately.
Do you think it can hold the 2,060 level tonight?
$ETH
#ETH #MarketAnalysis
The reason is simple: with a slow, grinding decline like this, most of the panic selling has probably already happened. What’s truly scary is a flash crash that plunges in a single candle. Now it’s hugging the lows, and the bears will have to think twice before pushing it further down—there’s not much left to squeeze out below.
Of course, I could be completely wrong: if 2,060 doesn’t hold and the price breaks below it, that’ll be a new low. At that point, saying it’s “fallen too far” would just be wishful thinking. My inclination is to sit tight for now and wait until it stabilizes above 2,060; if it can’t hold, I’ll change my mind immediately.
Do you think it can hold the 2,060 level tonight?
$ETH
#ETH #MarketAnalysis