ETH Bearish Signals Reappear, RSI Divergence Confirms Downward Pressure
The 1-hour candlestick chart shows a strong bearish engulfing pattern, with the bearish candle completely covering the previous bullish candle, and the RSI indicator simultaneously breaking below the 50 midline, confirming the downward trend with dual signal resonance.
The current price has fallen below the support of the EMA24 and EMA52 dual moving averages, further corroborating the weak pattern.
The chip distribution indicates strong resistance at 2637 above, with the main players having sold nearly 4 million dollars at this price level. As the short-term average volume and long-term average volume align in a bearish formation, market activity continues to decline, suggesting that prices may continue to drop.
