ETHUSD
ETHUSD may experience a decline to the $26K-$26.5K ETHUSD (D) may experience a decline to the price range of $26K-$26.5K. This assessment is grounded in the following observations:
- RSI divergence at both the peak and trough of the recent uptrend indicates a weakening bullish pressure relative to selling pressure.
- The non-breaking of the MA50 support on the initial attempt is a typical response but also suggests a reevaluation of the prevailing trend.
- The abrupt and notable decline, swiftly moving from the $26K price range to $22.4K, raises substantial concerns compared to the preceding ascent.
- Despite a robust price increase, recent volume has not demonstrated remarkable strength, highlighting the presence of numerous unsustainable FOMO factors.
- RSI resides in the overbought zone, signaling the potential for a price correction at this stage (yet to be confirmed as a trend reversal).
- The nearest price support zone lies within the range of $26K-$26.5K, presenting an opportune level for this corrective phase.
