A negative divergence formed on the RSI!

Nov 7, 2022

In the last 24 hours, Ethereum broke its uptrend line on the 4-hour time frame, and this break indicates that the range trend could continue. Ethereum's current support is at $1,530-$1,555, which has yet to be touched by candles. Suppose a collision is accompanied by a positive reaction, the probability of fake breaking the upward trend line increases. We can also consider a short-term ascending channel in the 4-hour time frame. The bottom support of the channel exactly overlaps the specified static support. So as long as this support is maintained, the upward movement can continue inside the channel. But if the support is broken, according to the negative divergence formed on the RSI, there is a possibility of a further price decline to $1,400-$1,450. We expect a stronger reaction from this area.