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Ethereum faces bearish divergence with crypto markets under pressure

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The crypto markets are selling off in the wake of the U.S. CFTC filing suit against Binance. Technical traders are worried there could be more downside coming.

In a recent episode of The Crypto World channel, host Josh analyzed the current market conditions for both ethereum (ETH) and bitcoin (BTC), highlighting bearish divergence and resistance challenges.

Here’s a breakdown of the key points from his analysis.

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Josh reported that ethereum is experiencing a bearish divergence, breaking below its short-term support. He encouraged his audience to stay tuned for further analysis on this trend. Ethereum is currently facing rejection from a resistance range of $1,770 to $1,820.

If the price continues to decline, support between $1,650 to $1,700 is expected to hold. A break below the short-term support level of $1,730 would signal a bearish turn, leading to further pullback.

Bitcoin, on the other hand, is facing rejection from a resistance range of $28,000 to $29,500, indicating a short-term pause or setback from its bullish trend. If the price experiences a further pullback, the support area between $24,000 to $25,200 is expected to provide significant support for the cryptocurrency.

You might also like: Crypto markets react to Binance’s battle with CFTC

The bearish divergence is also evident on the bitcoin-to-euro dollar chart, as lower highs are consistently forming in the short term. This is a sign of weakness in the cryptocurrency, which may lead to further declines in the near future.

Josh also noted that the funding rates for all coins across al

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Author: Adrian Zmudzinski

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