Ethereum Price Analysis: Bearish Signs Emerge as Sell Pressure Builds

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Ethereum (ETH) is currently trading at $2,616, and recent technical indicators are suggesting a potential shift in momentum. 

ETH Chart (Source TradingView)

After showing strong performance earlier, ETH now appears to be facing increasing selling pressure, raising concerns about a possible short-term correction.

Technical Overview

  • EMA50 (Exponential Moving Average): ETH is on the verge of breaking below the EMA50 on the daily chart. A confirmed close below this level could indicate weakening bullish strength and open the door for a deeper decline.

  • RSI (Relative Strength Index): Currently, the RSI is neutral, neither in the overbought nor oversold territory. This indicates there's still room for price movement in either direction, but no immediate buying momentum is present.

  • MACD (Moving Average Convergence Divergence): The MACD is flashing a bearish crossover, signaling a potential shift toward a negative trend. This adds weight to the possibility of further downside.

What to Expect Next?

If Ethereum fails to hold the EMA50 support, it is likely to see increased selling pressure in the coming days. This could lead to a retest of the $2,000 support zone, a key psychological and technical level for buyers to watch.

Conclusion

While the broader crypto market remains uncertain, Ethereum’s current indicators are tilting bearish. A close eye should be kept on the EMA50 level. If ETH breaks below this support, a move toward $2,000 could be on the table.

Disclaimer: This analysis is for informational purposes only and not financial advice. Always do your own research before making investment decisions.

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