Can Ethereum continue holding its $1000 level amid major sell-off - Aliens: AI Crypto News & Markets Updates
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Can Ethereum continue holding its $1000 level amid major sell-off

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AMB Crypto

Fri, Jul 01, 2022

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Aliens TLDR

On the four-hour chart, the bounce from $881 to $1,280 was used to plot a set of Fibonacci retracement levels (yellow).

In the past few hours of trading, the price crashed through both the $1,043 horizontal long-term support level, as well as the 61.8% retracement level at $1,033.

Further south, there is some confluence between the 27.2% Fibonacci extension level at $773, and a long-term horizontal support level at $756.

ETH has shed nearly 17% in less than 48 hours.

This area was where ETH had found strong support a week ago, and a retest from below would confirm it as a supply region.

The hourly timeframe showed the RSI to be at 17.

Therefore, it might pay to wait a few more hours for a more opportune moment to enter a short position on ETH.

Together, they showed enormous selling pressure behind Ethereum.

The four-hour chart highlighted the former bearish trend behind ETH and also highlighted how the bulls were unable to defend the $1,080 area.

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