Ethereum continues to struggle to break out of the $3300 area, with the recent decline to $3287 and almost retesting the same level as resistance. The price has been overwhelmed by bidders, and the market appears to be in a bearish mood.
The price has lost around 25% since retesting the $3280 area, and the weekend has seen a decrease in trading volume. This volatility is not unusual, as weekends tend to have lower trading activity. A volatile move in either direction is possible.
The 70.7% retracement level at $2632 has been flipped to resistance, and the bears are likely to target the $2382 level. The price can expect support levels of $2382 and $2049 in the days to come.
The hourly RSI has formed a higher low, but this is not enough to indicate a shift in momentum. Instead, the price may be experiencing sideways trading at the $2470 area. The RSI will likely rise upward during this phase, before dipping lower again.
The On Balance Volume (OBV) has shown heavy selling activity in recent days.
The overall trend remains bearish, and the $238