ETH Price Failed to Break Important Resistance:

After showing a neutral trend for about a week, the price of altcoin leader Ethereum failed to break through its important resistance zone. This led to it recording a 7.30% correction in the past day with a trading volume of $20.662 billion and a change rate of 7.83%.

Notably, the main reason for the decline in the price of Ethereum cryptocurrency is considered to be a situation similar to the sell-off news experienced by the cryptocurrency market during the launch of the Bitcoin ETF in January this year.

Moreover, this altcoin has formed a triangle pattern on the 1D timeframe, in which it has been trading since February. Given the current market situation, ETH price is expected to retest its support trendline.

Ethereum Market Sentiment:

The Relative Strength Index (RSI) shows a sharp decline on the 1D timeframe, indicating an increase in selling pressure. Moreover, the moving averages show a bearish convergence, indicating that the price will continue to lose momentum.

The MACD indicator continues to decline in the green histogram, and its average implies a high probability of a negative crossover. This highlights the bearish outlook for the altcoin this week.