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Is it just me, or did the floor just vanish for $ETH ?
We are looking at some serious pain right now.
Ethereum just tanked over 12% and we are currently hovering around 1,890. If you look at the 24h high of 2,173, you can see exactly how fast this escalated.
The price action is purely bearish at the moment with lower lows being printed every hour.
We’ve already touched a low of 1,825 and if the bulls don’t step up to defend this 1,800 psychological level, the next leg down could be nasty.
Volume is staying pretty consistent on the sell side so there’s no real sign of exhaustion yet. 3.68 billion in USDT volume shows there is a lot of liquidation happening.
Stay patient and wait for a reversal signal because catching this knife right now is risky business.
#Web3FebruaryFocus