On the technical side, the RSI sits at 31.1, nearing oversold territory, indicating increasing bearish momentum. This means sellers are currently dominating, and the market is approaching exhaustion.
Also, the MACD paints a similar bearish picture. The MACD line is below the signal line, and a histogram confirms the deepening negative momentum. This suggests continued bearish divergence, with no signs of reversal yet.
Meanwhile, crypto trader Ak47, the Ethereum price just pulled into the same region that acted as a launchpad for the last rally. He advised his followers to watch out for a retest of the 50 and 100-MA for a rebound to higher levels.
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