🔷Over the past week, Ethereum (ETH) has dropped by 11%, with bears continuing to dominate the market. The Relative Strength Index (RSI) remains weak at 34.4, indicating low buying interest. A trend reversal would require the RSI to rise above 50.
🔷The Average Directional Index (ADX) has surged to 29.82, confirming the strengthening downtrend. Sellers maintain control, as the negative directional index (-DI) significantly exceeds the positive one (+DI), signaling further ETH declines.
🔷The Exponential Moving Average (EMA) suggests a bearish trend. ETH may test support at $1,756, and a breakdown could push it below $1,700. To reverse the trend, ETH needs to break resistance at $1,996 and $2,320.