Ethereum (ETHUSD) experienced a notable decline during its most recent intraday session, breaching its 50-day exponential moving average (EMA50) support and signaling a potential shift in momentum. The downward move was compounded by a break below a short-term bullish trend line, adding to the mounting bearish sentiment surrounding the cryptocurrency.
Despite the Relative Strength Index (RSI) indicating oversold conditions, the prevailing technical indicators suggest that Ethereum remains under significant downward pressure. The break of the minor bullish bias, combined with weakening momentum indicators, points to increased vulnerability in the short-term outlook.
Traders and analysts will be closely watching for potential consolidation or a stronger reversal signal, particularly as Ethereum navigates below its previous support levels. Until then, further downside risk remains a possibility.
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