The RSI on the day chart for ETH is showing up at 18.5. That is distinctly lower than ETH has ever been on the RSI, ever, and it indicates an oversold market. However, if BTC continues down to retest $6000 which it looks like it could very well do, then ETH, being strongly tied to BTC of course, will follow suit to a large extent.
My prediction is another short wave downward for ETH, consisting of an initial period of price increase followed by a decrease from $410 area to $330 area. Depending on how strong it looks, if ETH drops to $350 I may open a position there but am inclined to leave my buy orders at $330 for now.
My prediction is another short wave downward for ETH, consisting of an initial period of price increase followed by a decrease from $410 area to $330 area. Depending on how strong it looks, if ETH drops to $350 I may open a position there but am inclined to leave my buy orders at $330 for now.