We're looking at another big selloff day today as we see ETH tanking 10% at the height of the day. We're now about to close down just under 7%.
Inside bars have now broken bearish (of course) on all cryptos. What's worse for Ethereum is that all the rumors of ICO ETH selloffs have started hitting, sparking even more fear about the crypto in the eyes of the market.
Although this is short-term negative news, I'm optimistic about the future here. We're seeing extremely low RSI's. The ETH/BTC trading pair is looking at its lowest RSI of all time. The weekly RSI is also looking at the lowest RSI we've basically ever seen. There's been no bouncing and rally for ETH since the beginning of April.
Temporary support has been found at $175, with longer support still eyeing $130.
Be patient everyone. One day we will look at $180 ETH prices and be in shock how cheap it is. It's still one of my favorite cryptos (China too).