This chart is a red flag for global crypto.
Ethereum has challenged the $1700 level a half-dozen times since definitively breaking above it in March 2021.
With today's 6.3% decline, it's now at the lowest since then. The $1700 level or just below was repeatedly challenged and held several times in a major way. The chart illustrates how it's such a pivotal level.
Bitcoin has similarly made several lows in the $28,800/$29,000 level, along with one spike brief down to $25,390 in May. It's also challenging those lows.
We've seen plenty of pain in crypto since the luna and UST fiasco. This is a delicate moment and a spot to watch closely.
