#WCTCS9 #ETH Ethereum is now around $1,799, having just fallen below $1,800, and is down about 20% over the past week.
Why it doesn't look like a bottom
· Still making new lows: It closed near $1,930 on Nov. 13, then hit a low of $1,711 on the 14th, dropping sharply in just two days.
· All the moving averages are overhead: The 200-day moving average is around $2,146, about $340 above the current price.
· Funds are still flowing out: Spot ETFs saw cumulative net outflows of about $399 million over the week; a single day of inflows is not enough to change the picture.
· Oversold doesn't mean a bottom: The relative strength index is just 19.3. Such a steep drop doesn't mean a rebound is imminent.
Here are the levels to watch next
· $1,700–$1,710: Key short-term support; holding here is necessary for the price to stabilize.
· $1,800: The level currently being contested; reclaiming and holding it would be a first sign of recovery.
· $1,900: The first level to reclaim after a rebound. If $1,700 breaks, the next support is around $1,574. Whether Bitcoin can get back above $65k will also affect Ethereum.
So for now, it may be better to wait and see, then judge whether a bottom is in once the price stops making new lows around $1,700 and ETFs see sustained net inflows. $ETH
Why it doesn't look like a bottom
· Still making new lows: It closed near $1,930 on Nov. 13, then hit a low of $1,711 on the 14th, dropping sharply in just two days.
· All the moving averages are overhead: The 200-day moving average is around $2,146, about $340 above the current price.
· Funds are still flowing out: Spot ETFs saw cumulative net outflows of about $399 million over the week; a single day of inflows is not enough to change the picture.
· Oversold doesn't mean a bottom: The relative strength index is just 19.3. Such a steep drop doesn't mean a rebound is imminent.
Here are the levels to watch next
· $1,700–$1,710: Key short-term support; holding here is necessary for the price to stabilize.
· $1,800: The level currently being contested; reclaiming and holding it would be a first sign of recovery.
· $1,900: The first level to reclaim after a rebound. If $1,700 breaks, the next support is around $1,574. Whether Bitcoin can get back above $65k will also affect Ethereum.
So for now, it may be better to wait and see, then judge whether a bottom is in once the price stops making new lows around $1,700 and ETFs see sustained net inflows. $ETH
