With the US debt being downgraded by Moody’s credit rating agency on Friday the top crypto layer 1 blockchain tokens have fallen in value. Was this just a correctional sell-off for $ETH, $XRP, and $SOL, or is this the beginning of a deeper reversal?

$ETH short-term lower highs and lows

Source: TradingView

The short-term chart for $ETH shows that the price has been making a series of lower highs and lower lows since reaching a local top at $2,737. The last lower low confirmed the major $2,500 level as resistance again, which is an unfortunate turn of events for the bulls.

From a more positive aspect, the descending trendline is still holding, and the price is battling to maintain the $2,400 support. The Stochastic RSI is not far off the bottom, so this could provide the momentum to …