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ETH Analysis – The price has dropped by 14% in one day and is testing the previous low

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ETH, like all other high-cap coins and other altcoins, responded to the decline in BTC and collapsed along with the rest of the market. However, the market price of ETH tests the previous long-term minimum, unlike BTC, which has already fallen below this minimum. No wonder ETH is against BTC in long-term growing trend.

The market price was $ 2,840 at the time of writing. It is thus in the zone of the previous long-term minimum with $ 2,700 support. Another long-term low is at $ 1,800, which means we’re pretty far from long-term growth.

Ethereum tests the previous minimumSource: TradingView

ETH tests the previous low

If BTC decides to continue a strong correction, it will not be an exception either ETH. In such a scenario, even ETH would probably not keep its previous minimum. The market is currently moving as a whole. RSI is short-term oversold, which means that a local minimum can form.

However, this minimum will only be part of the correction structure. Sooner or later, the price will eventually overcome the resistance of the flag, but the question is when. Also here volumes are missing that are needed to reverse the trend. Here, too, we must look for new support and rising lows, after which the price will exceed the maximum among them.

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