Market sentiment has quickly soured. The Fear and Greed Index just dipped to Extreme Fear for the first time since March, reflecting a shift in investors’ attitude in just a couple of months.
Net inflows to exchange-traded funds (ETFs) linked to the top altcoin further confirm this, as investors have been withdrawing money from these vehicles for 12 days in a row.
This streak of outflows further confirms that we are in the midst of a strong risk-off move. In our latest ETH price prediction, we emphasized that losing the $2,000 threshold should trigger a much steeper drop for the token.
Ethereum Threatens to Invalidate Long-Dated Buy Signal If It Drops Below $1.8K
We have been tracking for weeks what we see as Ethereum’s cycle low at $1,800 based on a long-dated buy signal in the Relative Strength Index (RSI). This signal has yielded positive results the last three times it popped up and features a 100% win ratio.
