A look at the Weekly chart in logarithmic form for Ethereum shows that the price hit the major resistance area near $170, coinciding with the 21-period moving average and got pushed back
It created a bearish inverted hammer, followed by two small bearish candles. It is currently at $142.
The main support area is found near $85, with another one being near $65.
The price is trading below the 21 and 50-period moving averages and the Ichimoku cloud.
The RSI is at $38, indicating neither overbought nor oversold conditions.
The MACD has made a bullish cross and is moving upward, but is not positive yet.
Ethereum 3-Day Chart – Source: Tradingview.com
A look at the 3-day chart shows that the price is potentially following an ascending support line, which has however only been validated twice.
We can also see that when price made the double top at $160, the RSI was at a higher level than the first top,…