Ethereum's Downward Trend Faces Resistance Amid Positive Signals
In the recent 24-hour period, Ethereum has sustained its downward trend and reached the support range of $1,762 to $1,752, experiencing a 3% decrease. However, it is noteworthy that this price range has triggered a positive reaction in the market. An analysis of the Relative Strength Index (RSI) reveals a positive divergence, indicating that if the downward trend line is broken, we can anticipate a potential price increase for Ethereum within the range of $1920 to $1930. Nevertheless, it is crucial to acknowledge that the current market is characterized by substantial selling pressure, which diminishes the likelihood of a swift reversal. Additionally, we have observed the emergence of a potential twin bottom pattern in both the daily and 4-hour time frames. Confirmation of this pattern could bode well for Ethereum's medium-term conditions, offering a more favorable outlook.
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