🔹 Has #ETH hit rock bottom?
Ethereum, like other coins in the market, is correcting sharply due to the onset of Trump's trade wars 📉. Additionally, the situation with Bybit could be another reason for its decline. But let's take a look at the chart.
On the 4-hour timeframe, we see that the price has entered a downward trend. It is moving below the resistance line, which is now quite far from the price.
During the decline, the price reached the global support zone, located between ~$1,950 and ~$2,150. This zone has been key since 2021.
The most important thing is the formation of a bullish divergence in the RSI 🐂. The lows of the chart continue to drop, while the lows of the RSI are rising.
For a complete shift towards growth, the price must test the trend resistances, but a local bounce due to the divergence is quite likely 🪧.
