ETH/USD Technical analysis

Source: Dukascopy Bank SA
ETH/USD price action a sharp -9.56% drop from approximately 3001.80 to 2715.1 over 16.5 hours. This intense selling has pushed the Relative Strength Index into the oversold territory at 29.7, indicating that the move is technically extreme in the short term. The crucial level to watch is the 2500.00 psychological support. If the current price holds and reverses, 2600.00 will be key support, but if selling resumes and the price breaks below this area, a much deeper correction is likely.



If the current price holds and reverses, 2500.00 will be key support, but if selling resumes and the price breaks below this area, a much deeper correction is likely.
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