Though the sell-off appears to be like terrible on the decrease time frames, buying and selling volumes are nonetheless not as excessive as they have been yesterday in the course of the restoration.
This may increasingly point out that the information might not have the required energy (for now) to push these belongings beneath their latest lows.
Nonetheless, market sentiment stays closely depressed because the Concern and Greed Index at the moment stands at 19, that means that traders are in Excessive Concern.
Crypto liquidations prior to now 4 hours have now surged to $136 million, of which $122 million correspond to lengthy positions being flushed out on account of this surprising drop. In whole, $46 million value of Ethereum longs have been put out prior to now 24 hours.
Unfavorable Momentum Reaches Excessive Ranges
Now we have been monitoring this day by day chart for a number of days now, as Ethereum’s Relative Power Index (RSI) on this timeframe has entered oversold ranges.
The previous 3 times that Ethereum has seen its RSI step out of those technical extremes, it has rallied to the $4,000 area.
