When the US stocks cough, the crypto circle is sure to have a fever! Last night was a living textbook!
Event recap:
Brothers, did you see that 'plummeting price' of ETH last night? It just touched $2550, and before it could even settle, it 'whooshed' down to $2363! In less than an hour, $200 evaporated, a 7% drop just like that! My heart is still racing from the shock!
Why the crash? Two main reasons:
The technical side is already 'fake'!
Case 1: $2550 is like an iron lid, it has hit three times in the past three days and has been bloodied! It's like asking a girl out; if she rejects you three times, why would you push for the fourth? You'll definitely get the cold shoulder! The bulls have already exhausted their strength.
Case 2:What’s even scarier is that before the crash, the price grazed a small new high, but the key indicator RSI dropped! It's like flooring the gas pedal while your speed keeps decreasing; how can you not stall? This is called 'top divergence', a textbook warning! As a result, it 'bang' broke through the key support at 2500, directly triggering a sell-off, and retail investors panicked!
What to do after the crash? Keep a close eye on this 'key fortress'!
The price is currently hovering around 2363, this position is crucial!
In January this year, ETH hovered around 2360-2380 multiple times, which provides psychological support.
On-chain is even more hardcore: this range has accumulated a massive amount of chips, likely the main force's old den! They probably don't want to easily break through and lose money, right?
Tonight's US stock market opening is a matter of life and death!
US stocks stabilizing? ETH might rebound at the 'fortress' 2360-2380!
If US stocks continue to crash, will ETH break through 2360 in volume? Get ready to 'sightsee' at 2300 or even lower!
$ETH
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