Crypto Crash: BTC, ETH, Altcoins Drop as Concern & Greed Index Hits Lowest Stage in eight Months…

Momentum indicators are favoring additional drops forward, because the Relative Energy Index (RSI) has moved under the sign line, that means that momentum has shifted. That is according to the readings seen within the MACD’s histogram, as optimistic momentum is beginning to fade.

Nonetheless, the trail of least resistance at this level appears to be upwards contemplating that sellers must break via three strong assist areas to generate significant positive aspects.

Even when the sell-off continues, ETH’s most draw back potential at present stands at round 10% if the worth collapses to the $2,170 stage – the third horizontal assist line drawn within the chart.

In the meantime, the upside potential is interesting as the following resistance discovered within the day by day chart stands at $2,800 – a 16.7% climb from present ranges.

Conservative merchants may in all probability look forward to affirmation of a reversal if the worth bounces decisively off any of those ranges and the transfer is accompanied by a purchase sign within the RSI or the MACD.

For now, the short-term outlook is bearish however each sentiment and technical indicators appear to be telling us that the market may quickly discover a ground.