ETH Price Reversal Imminent? July 4th ETF Decision Could Push For Ethereum Surge

The price has been trading bearishly since then and appears set to retest the demand zone marked on the chart. This zone is where the price is most likely to retrace clearing liquidity and filling the fair value gap left on May 20.The daily Relative Strength Index (RSI) currently stands at 42 indicating bearish momentum. There’s still room for more downward pressure before the RSI reaches oversold territory. The Moving Average Convergence Divergence (MACD) also supports this bearish outlook with the MACD line below the signal line.The 4-hour chart backs up this bearish sentiment showing a steady price decline. The breach of key support levels and the subsequent dip highlight the intensity of the downward momentum.On-chain data from The Block shows that ETH daily transaction volume (7-day moving average) has been declining since late May and currently at $3.4 billion, down from a high of $6.11 billion on May 27. This decrease in on-chain volume could indicate reduced network activity and potentially lower demand in the short term

Buy cryptocurrency

Source link

Refer And Earn Demat Account – Get ₹300 | Referral Program

Open Demat Account In Angel One For FREE