- Lark Davis says Ethereum will soon face a price correction to about $2,600.
- The correction is due to how ETH has been overbought lately.
- Bitcoin (BTC) and Binance Coin (BNB) could also experience price corrections.
— Lark Davis (@TheCryptoLark) May 4, 2021
Citing from the tweet, Davis notably said that this is due to how Ethereum has been bought overwhelmingly lately. Of note, Davis added that this overbought state preceded the last three ETH price corrections.
Also, the Davis Ethereum overbought analysis is based on the Relative Strength Index (RSI). According to Davis, readings on the RSI show that ETH price will likely drop by about 25%.
In reply to Davis’ tweet, the majority of the Twitter community responded positively. However, some expressed that they don’t think that Ethereum price will fall this time around.
Also, others said that the price correction is not limited to Ethereum but will also affect BTC and BNB.
Aside from ETH, many asked Davis to share his view on the $MATIC price movement.
Currently, Ethereum price is $3,360.84 with a 24h trading volume of $69,070,248,304 at the time of writing, according to CoinGecko.