Ethereum's recent price action has been characterized by bearish tendencies. Despite a brief rebound, the price has struggled to break through a key resistance level, as highlighted by the orange arrows on the daily chart. $ETH

ETH
2,446.33
-1.79%


This resistance, coupled with the price's position below both the 200 and 50 Simple Moving Averages (SMAs), suggests a potential downward trend.

Further reinforcing this bearish outlook, the Relative Strength Index (RSI) is currently below the 50 level, indicating bearish momentum. Additionally, Bitcoin's recent correction from resistance levels has exerted downward pressure on Ethereum, causing it to breach its support line.
$ETHFI

ETHFI
1.243
-8.80%

As Ethereum completes its corrective phase, Bitcoin may reach its own support level, potentially setting the stage for a subsequent strong rally.

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