Overall, prices have declined for seven consecutive sessions, falling by over 24% within that time frame.moved past its long-term support point at $25,200, with some expecting prices to fall to as low as $19,000.
As of writing, the 14-day RSI is tracking at 27, however it looks as though it could be moving towards a floor of 24.50.The world’s second-largest cryptocurrency plummeted to an intraday low of $1,190.04 on Monday, falling by over 15% in the process. Monday’s drop saw ethereum’s price hit its lowest level since January 2021, and also comes after seven straight daily declines.As a result of this, prices have dropped by over 35% in the last seven days, with the RSI having its lowest reading in over two years.
With price strength so oversold, the hope is that prices could rebound, however some bears are seemingly targeting the $1,100 point. Overall, this recent sell-off comes after days of consolidation, which ended on Friday, following the release of U.S. inflation data, which came in at 8.6%.
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Source: Cointelegraph - 🏆 562. / 51 Read more »