It looked like Ethereum (CRYPTO: ETH) was going to crash into a wall of sellers... and it sure did. It's undergoing a significant correction, but there’s a chance the sell-off may be over, at least for now.
The $3,350 level was important resistance in August. Now it may become a support level and this could put a floor under the price.
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This is because many of the investors who sold at $3,350 regret their decision to do so now that the price is higher. A number of these remorseful sellers decide to buy ETC back, but only if they can get it for the same price they sold at.
As a result, they place their buy orders at $3,350. If there is a large number of these orders, it could create support. This could put a pause to or even end the sell-off.