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Blocksmith Says: ETH Retreats Back to Key Support

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  • While there’s been a steep retreat back to key support for Ethereum, there shouldn’t been any significant downside from here.

As US yields push towards 3%, stocks have been dragged down hard, especially technology (which tends to run opposite to yields). There has been a very tight correlation between tech stocks and crypto and Ethereum has followed the sector down.

Price is now challenging a key support level which can be traced back to the first week of January. RSI has also pulled back to its own support level. As per recent notes we are also quite near to a cycle trough zone. Preferred view: not expecting significant downside from here. Looking for an opportunity to pick more crypto up at depressed prices.