In June, I noted that ETH/USD had downside risk to $300.
This week, price fell sharply below $300 and is free-falling.
ETH/USD Daily Chart
- The daily chart shows that we are still in a bear market that started after the late 2017 hype.
- Price has retreated back to the September levels.
- The next support might be in the $200-$210 area, which involves the $207 Sept.2017-low.
- The RSI is in the oversold area, but in this bear market, we should not look for the bottom just yet.
- If we get a bullish divergence between price and the RSI (lower price low, but higher RSI low), then we can start anticipating a bottom.
- Even then, we should limit upside to the $350-$400 area, which might appear to be an aggressive upside from $210. But this volatility can be expected in crypto.