ETH plunged along with BTC, and fell even harder than BTC.
First, look at the chart above. It surged to 2,768 on October 2, then hit 2,737 on the 5th and 2,723 on the 6th. Same issue as BTC: each of the three highs was lower than the previous one.
The sell-off started at 10 a.m. In that half hour, it plunged straight from 2,663 to 2,599. It’s at 2,615 now.
Here’s the key point. BTC still hasn’t broken below its late-September rally starting point. ETH already has.
ETH held the 2,640 level for a full two weeks. The low was 2,635 on September 24, 2,637 on the 28th, and 2,653 on October 2. Every time it dropped to this level, buyers pushed it back up. Today, one bearish candle broke straight through it.
So ETH is weaker than BTC right now—that’s something we have to acknowledge. The old floor at 2,640 has become overhead resistance.
Let me make the levels clear. It dipped to 2,600 just now but didn’t break below it, so that’s the immediate support. If it holds 2,600 and climbs back above 2,640, we can flip and go long. If 2,600 breaks, then watch 2,570.
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