The cryptocurrency sank to $1,075 in today's trading sessions after an eight-day losing streak. The price could potentially start a slow and bumpy recovery based on technical analysis; however, the general trend is still downwards.
The Bollinger bands opened up aggressively on June 10th indicating a potential breakout, which occurred the same day. The pair is currently trading below the lower band, suggesting that the price is relatively low. We might see a small recovery in the upcoming sessions, but we expect the price to be choppy for the short term, the price might continue falling overall.
The relative strength index is at 19%, the lowest its been since January 2022. This could potentially stop further losses in the short term as the pair is already way oversold, but we have seen Ethereum stay below 30% for a few sessions before it starts recovering. Our parabolic SAR suggests that the price is likely to continue moving downwards.
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