Guys, $ETH is at 1799.7 now, down 5.79% over 24 hours. It plunged from 1919.8 all the way to 1711.1, with volume at 1.0B. This pattern feels all too familiar. I got shaken out during the 519 move back then, chasing shorts in a similar sell-off and selling at the absolute bottom. When it bounced back the next day, I was kicking myself 😅
This level is actually pretty interesting. 1711.1 is today's low and the last line of defense for the short-term bulls. Below that is the round-number level of 1700. That's more of a psychological threshold than a technically significant one, but breaking it could trigger a wave of stop-loss orders and push prices lower. Don't just fixate on 1919.8 way up above; first watch the area around 1850. That's the first meaningful resistance on the way down. If it bounces there but volume doesn't pick up, it'll just be handing the bears an easy win.
Here's what I'd do: I wouldn't chase shorts near 1711, or rush to buy the dip. First, I'd see whether it can hold steady in the 1711–1750 range. If it holds, there's a chance; if not, it's time to admit defeat. $BTC is the market bellwether right now, and $ETH doesn't really have its own independent story—it tends to follow the bigger player. Volume at 1.0B isn't a blowout, which suggests we haven't reached peak panic yet. Don't rush to play the hero.
This level is actually pretty interesting. 1711.1 is today's low and the last line of defense for the short-term bulls. Below that is the round-number level of 1700. That's more of a psychological threshold than a technically significant one, but breaking it could trigger a wave of stop-loss orders and push prices lower. Don't just fixate on 1919.8 way up above; first watch the area around 1850. That's the first meaningful resistance on the way down. If it bounces there but volume doesn't pick up, it'll just be handing the bears an easy win.
Here's what I'd do: I wouldn't chase shorts near 1711, or rush to buy the dip. First, I'd see whether it can hold steady in the 1711–1750 range. If it holds, there's a chance; if not, it's time to admit defeat. $BTC is the market bellwether right now, and $ETH doesn't really have its own independent story—it tends to follow the bigger player. Volume at 1.0B isn't a blowout, which suggests we haven't reached peak panic yet. Don't rush to play the hero.