ETH drops below $1,600, as bearish sentiment returns to crypto markets.
/USD slipped to a bottom of $1,530.80 on Wednesday, following a peak of $1,630.47 during Tuesday’s session.
Since breaking out of its $1,600 floor, ethereum appears to be heading towards a lower level of support at $1,500.Like with bitcoin, today’s red wave comes as bears have finally opted to reenter the market, as a result of prices being overbought. Ethereum’s 14-day RSI is currently sitting at 61.07, which is its lowest point since January 8, and this comes a day after breaking out of a floor at 74.00.could manage to stay above $1,500.Tags in this story
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