Bitcoin fell by 13% and Ethereum by 17% over the last 24 hours. The pullback for ETH saw a wick as low as $1001 but no further as buyers stepped in to drive the prices up. EOS lost a critical level at $3, while Basic Attention Token also lost the mid-point of its market range of the past few weeks to bears and was headed toward $0.2.
The longer-term outlook indicated that the pullback was a healthy reset of the strong upside momentum. Going level-by-level, the defense of $1000 has been resolute, with a level of support at $975 right beneath. In the scenario of a further drop, the 50% retracement level at$850, with the horizontal support at $835 would be the next region of interest.
A retest of the $1150 level followed by rejection would indicate impending bearishness, while a trading session close above that level would give bulls hope.
The RSI sank below neutral 50 to highlight short-term bearishness, while the Stochastic RSI was in the oversold region. These signs pointed toward a minor rise for ETH followed by rejection in the $1150 region.