ETH/USD - Test of support imminent? China crash contagion! 🛑

ETH and altcoins are in red! Is it possible that the Chinese Bonds Crash is pushing the altcoin market lower? There is a lot of fear on traditional markets after the Evergrande property giant from China missed its off-shore bond payments.

Contagion is probable at least in the short term and some fear in the markets may impact crypto negatively. In such a scenario, ETH and altcoins will find refuge at their support level.

Our support for ETH sits just above $3k and likely we will retest this level before we can break above this blue apex. The 4h indicators are also bearish in the short term, so expect price to fall some more from current levels. Hence bias remains bearish in the next week or so.

The ball is very much in BTC hands, which has held very well its current levels, but a drop on BTC to its $52k support, will likely push alts into double digit losses (in %) before we can have another push up.

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