ETH/USDT Weekly Analysis – Possible Further Downtrend?

Ethereum (ETH) has dropped significantly, currently trading at $2,386.66, marking a -12.42% decline for the week. Let's dive into a detailed analysis using candlestick patterns, RSI, Bollinger Bands, and MACD.

Technical Breakdown:

🔹 Candlestick Pattern – The current weekly candle is strongly bearish, indicating continued selling pressure. A recent rejection from $2,530 suggests weak bullish momentum.

🔹 Bollinger Bands – Price is trading near the lower band, indicating oversold conditions. However, the band is widening, which often signals increased volatility.

🔹 RSI Analysis –

RSI (6): 27.62 – Oversold region, but not yet showing a clear reversal signal.

RSI (14): 39.75 – Below neutral (50), confirming bearish momentum.

🔹 MACD & Volume –

MACD Histogram is in the negative zone, and the signal line is trending downward, showing a lack of buying interest.

Volume is declining, indicating that strong buyers have not yet stepped in.

SMC Signal – Potential Move

📉 Bearish Signal: If ETH fails to reclaim $2,530, the downtrend could extend to the next major support at $2,135 - $2,125 in the coming weeks.

⚠️ Confirmation Needed: A close below $2,300 could trigger further downside pressure.

🔥 Traders’ Take: Stay cautious—wait for a strong bullish RSI divergence or a break above $2,530 before considering long entries.

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