🔍🪙Ethereum’s technical analysis indicates a persistent downtrend, with the cryptocurrency struggling to maintain support levels. After failing to hold the $1,850 support, Ethereum has been trading in a bearish channel, reflecting increasing selling pressure. The 50-day moving average has crossed below the 200-day moving average, forming a "death cross," a bearish signal that often precedes further declines. The Relative Strength Index (RSI) is below 30, indicating that Ethereum is in oversold territory. However, there’s little sign of a reversal, as volume remains low, and the price continues to test lower support levels around $1,750.
I'll create an image to reflect this analysis.
Here is the image representing Ethereum's persistent downtrend based on the technical analysis.