Ethereum is poised for further downside if it closes below $2,100🚩
Ethereum price declined almost 11% on Monday. It continued its downtrend for the next three days, declined 8.4% and closed below its daily support level at $2,359. At the time of writing on Friday, it continues its downleg, retesting its February 3 low of $2,125.
If ETH continues its downtrend and closes below $2,125, it could extend the decline to retest its weekly support level of $1,905.
Like Bitcoin, Ethereum’s RSI on the daily chart reads 27, below its oversold conditions and points downwards, indicating significant selling pressure but technically may be due for a potential reversal or bounce. However, traders should be cautious as the RSI may remain below oversold levels and continue correcting.
On the other hand, if ETH recovers, it could extend the recovery to test its resistance level at $2,359.
