The price of Ethereum (ETH) continues to remain very vulnerable despite the fact that the price has now made a successful rally past the 21 day EMA. The bears have regained control once again and the bulls are afraid to step up. The Fear and Greed Index is back at 50 (Neutral) from 60 (Greed) yesterday. This goes now to show that the bullish euphoria that led to the series of rally over the past few months is finally coming to an end as most traders and investors anticipate a major decline in the weeks ahead. The daily chart for ETH/USD shows that the RSI is now trading atop its trend line support and if the bulls fail to regain control soon, we could see a sharp decline that might end up seeing the price break straight below its trend line support.
Ethereum (ETH) has formed a bearish pennant that it has yet to break out of. If and when the price breaks out of this bearish pennant, it will decline significantly towards its true bottom. This decline is expected in the next few…
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