Ethereum's price is tumbling below crucial support levels, with a significant drop in one day increasing panic selling risks...
recently saw a notable drop during the last trading session, causing its price to fall below its crucial support levels. Breaking through these levels might be perceived as a bearish signal though, leading to panic selling. If traders holding ETH at these levels start to panic and sell off their holdings, it could exacerbate the decline, creating a downward spiral.
Also, while the support level for Ethereum was around $3,200, following its recent market movements, this threshold was soon breached. The latest support region can now be identified between $2,900 and $2,700.Furthermore, analysis revealed that the Relative Strength Index was around 34. This value is a sign of a strong bearish trend, as RSI levels below 30 are considered oversold.
According to ITB, at the time of writing, approximately 15.12 million ETH addresses were “out of the money.” Meaning, the press time price of ETH was lower than the price at which these coins were bought. This accounted for over 64% of all Ethereum addresses. This situation presents a precarious position for Ethereum’s market. The holders “in the money” are at a critical juncture, as their holdings are still profitable but nearing the lower purchase price threshold.
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