Just like many other cryptos, ETH is currently experiencing a lot of bearish price action. However, this will only benefit ETH in the long-run.

In a recent BTC post, I discussed the possibility for a bearish correction for Bitcoin after being severely overbought. I reckon that ETH is on the verge of doing the same.

On the chart I’ve marked a major area of support between $3300 and $3000 based on recent tops and round numbers. I’m expecting ETH to fall within this area, after which it will reverse strongly ideally. This could mean that we’re facing another 1-2 days of bearish price action before any meaningful reversal can occur. Plan accordingly.

Happy trading!