Ethereum is currently forming a falling channel pa
Ethereum is currently forming a falling channel pattern on the daily chart. However, strong support at the 50% Fibonacci level of $3,158 has helped Ethereum bounce back. With lower price rejection in the two intraday candles, Ethereum has regained its footing, now trading at $3,290—an intraday gain of 2.51% from the opening price of $3,211.
Additionally, the current reversal from the overhead trendline suggests a potential continuation of the downtrend toward the local support trendline. However, the lower price rejections hint at a possible double-bottom reversal near the 50% Fibonacci level.
The daily RSI shows a strong bullish divergence, supporting the potential for a double-bottom reversal. However, the recent surge in selling pressure has led to a bearish crossover between the 20-day and 50-day EMA lines.
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