Crypto Technical Analysis: Ethereum Holds Support

Crypto saw a massive selloff in the last few days. Ethereum fell into its major technical chart support at $3,235. At least for now, this trend line pivot point is holding. However, if risk off continues, Ethereum is at risk of breaking this level.

Should Ethereum break $3,235, the next major support does not come into play until it hits $2,700-$2,800. This will be major support as multiple technical trend lines converge.

Crypto, especially altcoins are a risk on asset. This mean that as soon as the stock market has a correction, Ethereum and altcoins will take a big beating. This may be starting in the stock market. Crypto investors should be cautious.