ETHUSD (D) may experience a decline to the $26K-$26.5K

Feb 17

ETHUSD ETHUSD may experience a decline to the 26K-26.5K
ETHUSD (D) may experience a decline to the price range of 26K-26.5K. This assessment is grounded in the following observations:

1. RSI divergence at both the peak and trough of the recent uptrend indicates a weakening bullish pressure relative to selling pressure.
   
2. The non-breaking of the MA50 support on the initial attempt is a typical response but also suggests a reevaluation of the prevailing trend.
   
3. The abrupt and notable decline, swiftly moving from the 26K price range to 22.4K, raises substantial concerns compared to the preceding ascent.
   
4. Despite a robust price increase, recent volume has not demonstrated remarkable strength, highlighting the presence of numerous unsustainable FOMO factors.
   
5. RSI resides in the overbought zone, signaling the potential for a price correction at this stage (yet to be confirmed as a trend reversal).
   
6. The nearest price support zone lies within the range of 26K-26.5K, presenting an opportune level for this corrective phase.