The cryptocurrency took a big hit in previous days where it reached its lowest level since late July, most cryptos are struggling as Bitcoin continues sinking, Ethereum found support at $2,160 which would probably be retested in the short term.
The Bollinger bands are very wide but continue to move downwards, indicating that the downtrend would continue; however the pair traded closer to the lower band, suggesting that the price is relatively low, which could push investors to buy the potential dip, but its too early to tell.
The relative strength index is at 25%, it has recovered some points after falling below 20% in the previous session, the current RSI would allow a potential rally since it's at its lowest since March 2020.
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