At this level, I actually feel like it’s not so scary anymore. $ETH is at 1,913.0, down 1.71% for the day. RSI has already dropped to 27.2, just a step away from the 14-day low of 1,878.0.
An RSI of 27.2 shows this sell-off has been sharp and relentless. In the short term, it really does look a bit oversold—but being oversold doesn’t mean the decline is over. Anyone who tried to buy the dip halfway down probably knows how that feels these past few days. If 1,878.0 holds, that gives the bulls a little breathing room; if it doesn’t, panic selling could keep pouring out.
I could be wrong, but I think there isn’t much room left to fall. From the 14-day high of 2,450.0 to where we are now, sentiment is already stretched to the limit. If I’m wrong, I’ll own it. The key level is 1,878.0—if it breaks, it breaks. I won’t stubbornly deny it then.
At this level of oversold, do you believe in a rebound or in the trend?
$ETH
#ETH #MarketAnalysis
An RSI of 27.2 shows this sell-off has been sharp and relentless. In the short term, it really does look a bit oversold—but being oversold doesn’t mean the decline is over. Anyone who tried to buy the dip halfway down probably knows how that feels these past few days. If 1,878.0 holds, that gives the bulls a little breathing room; if it doesn’t, panic selling could keep pouring out.
I could be wrong, but I think there isn’t much room left to fall. From the 14-day high of 2,450.0 to where we are now, sentiment is already stretched to the limit. If I’m wrong, I’ll own it. The key level is 1,878.0—if it breaks, it breaks. I won’t stubbornly deny it then.
At this level of oversold, do you believe in a rebound or in the trend?
$ETH
#ETH #MarketAnalysis