ETH's drop is nerve-racking; don't rush to mistake oversold for a bottom
As of Nov 9 at 18:13, ETH was at 2,102, down about 5.98% over 24 hours, with an intraday high of 2,246 and low of 2,060. The one-hour and four-hour RSI readings were about 28 and 27, respectively; moving averages were in a bearish alignment, and MACD remained below zero. The drop has been sharp, and a technical rebound is indeed due, but after a high-volume breakdown, first distinguish “cheap” from “bottoming.”
Short-term support: 2,083, 2,060, 2,000
Mid-term support: 1,850, 1,800, 1,680
Short-term resistance: 2,128, 2,