ETHUSD could not consolidate the break on the resistance level at $2,330 found in our 23.6% Fibonacci retracement. Shortly after that, the price started dropping; it had a few flashes of recovery but could not contain the drop.
The cryptocurrency has not been able to go above the $2,416 level since June 16th. The price has been very active, but the markets are still undecided, many traders are closing their positions, and many more will be buying at what they consider is a low price.
The Bollinger bands are narrow but steady, we do not expect high volatility for the short term, but this could change at any moment as cryptocurrencies are well known for their high and unexpected volatility.
The relative strength index is currently at 40%. We have not seen the RSI go above 53% since mid-May. The asset's general trend continues to be downward.
Our parabolic SAR indicator suggests that the price will continue to fall in the upcoming sessions, strengthening the signals from other technical indicators.
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