$ETH shows only a small decline of 0.768% in the last 24 hours. This contrasts with decrypt.co reports suggesting altcoins are experiencing 'outsized drawdowns' due to macro factors.
My view is that $ETH's current price action does not support that claim. The 7-day drop is also minimal, at 0.5655%. While today's trading volume for $ETH is more than double its 7-day average, the Relative Strength Index is neutral at 56.6. Bitcoin has seen a slight gain, and the overall market's Fear and Greed Index is at a neutral 53, down from 62 yesterday.
I would consider a bearish view if $ETH decisively breaks below its 7-day low of $2318.0 with strong selling volume. Until then, the price holds.
I will watch for sustained trading volume around the $2318.0 support level for $ETH next.
My view is that $ETH's current price action does not support that claim. The 7-day drop is also minimal, at 0.5655%. While today's trading volume for $ETH is more than double its 7-day average, the Relative Strength Index is neutral at 56.6. Bitcoin has seen a slight gain, and the overall market's Fear and Greed Index is at a neutral 53, down from 62 yesterday.
I would consider a bearish view if $ETH decisively breaks below its 7-day low of $2318.0 with strong selling volume. Until then, the price holds.
I will watch for sustained trading volume around the $2318.0 support level for $ETH next.