Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion ETH was in a bearish structure at press time. Further plunge could be likely if BTC drops below the $21K zone. Ethereum [ETH] plunge could extend if the $1,540 support fails to hold. However, […]
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionFurther plunge could be likely if BTC drops below the $21K zone.
The drop could offer short-selling opportunities at $1,511.36, $1,470.54, and $1,408.98 if the $1,540 support fails to keep the plunge in check. The RSI was bearish on the 12-hour timeframe chart and exhibited an increasing divergence from ETH’s price action, which pointed to a possible weakening of ETH’s market structure. But the fluctuating demand, as shown by the OBV , could further set ETH in its sideways structure.As per Santiment, ETH saw a steady accumulation phase since mid-December 2022, as shown by the rising supply outside of exchanges.
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