Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.

• The market structure and trend remained bearish.
• Ethereum could drop toward $1500 if the bulls fail to hold on to $1700 over the next week.

Ethereum had a bearish market structure on the daily timeframe. Investors were pulling Bitcoin and Ethereum off of centralized exchanges and putting them in DEXs or self-custody and buying pressure was depressed, although the platform’s gaming sector saw a boost.

Read Ethereum’s [ETH] Price Prediction 2023-24

Hence ETH bulls can wait for an opportunity, while sellers can look for a strong bounce before shorting the asset. Traders will likely find opportunities, but the daily timeframe bias remained bearish according to the price chart of the king of altcoins.

Ethereum was forming a bearish divergence on the chart as buyer conviction looked weak

Ethereum continued to trend downward on the daily timeframe. The recent lower high of this downtrend was at $1778 with an aggressive reading of the market, or at $1898 with a more conservative view. Therefore, these are the levels that ETH bulls must breach to show that bulls had some control in the market.

Such a scenario appeared unlikely at the time of writing. The OBV was just above the May lows but trended downward over the past three weeks. The RSI was below neutral 50 to show bearish momentum. The RSI could form a bearish divergence with the price, highlighted in cyan, if ETH does not push past $1778 within t

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Author: Akashnath S

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