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Has ETH Exhausted Its Upward Movements? (Ethereum Price Analysis)
Ethereum is consolidating after a short-term recovery, struggling to break above the $2,200 resistance. The price remains below the 200-day moving average near $2,900, with RSI under 50, indicating weak momentum. A close above $2,200 is crucial for buyers; failure could lead to a decline toward the $1,800-$1,900 support zone. On the 4-hour chart, ETH has broken below an ascending channel, signaling a bearish shift. RSI is trending downward, reinforcing selling pressure, with a potential drop to $1,900. A recovery above $2,100 is needed to neutralize downside risks. The Coinbase Premium Index remains negative, showing weak US investor demand. This lack of strong spot-driven accumulation adds to ETH's bearish outlook. 2 replies
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