A few words about ETH
ETH plunged to 2,313 with a long downside wick
This is a panic wick after a breakdown, compounded by a cascade of stop-loss orders on a large number of long positions. The price pierced deep into the previous 2,320–2,350 support zone. Prices generally rebound quickly and modestly after such a wick, but at this stage most rebounds are weak relief rallies and are unlikely to turn directly into a strong reversal.
ETH is far more volatile than BTC. After BTC broke down, selling pressure on ETH intensified, and its pullback was deeper.
Key price levels
• Support below: 2,300, near the current price, is an important short-term level. If it breaks decisively, the next target is 2,210–2,240, with further downside potential.
• Short-term rebound resistance: The first resistance is 2,390–2,410 (the former support has now become strong resistance). Only a move back above 2,410 and a sustained hold there would ease short-term bearish sentiment.
ETH plunged to 2,313 with a long downside wick
This is a panic wick after a breakdown, compounded by a cascade of stop-loss orders on a large number of long positions. The price pierced deep into the previous 2,320–2,350 support zone. Prices generally rebound quickly and modestly after such a wick, but at this stage most rebounds are weak relief rallies and are unlikely to turn directly into a strong reversal.
ETH is far more volatile than BTC. After BTC broke down, selling pressure on ETH intensified, and its pullback was deeper.
Key price levels
• Support below: 2,300, near the current price, is an important short-term level. If it breaks decisively, the next target is 2,210–2,240, with further downside potential.
• Short-term rebound resistance: The first resistance is 2,390–2,410 (the former support has now become strong resistance). Only a move back above 2,410 and a sustained hold there would ease short-term bearish sentiment.