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Despite the drop in Ethereum (ETH) price, technical indicators are giving positive signals: Is a reversal coming?
The price of Ethereum (ETH), the most popular altcoin in the cryptocurrency market, shows a bearish trend with the pennant pattern on its chart. As a result of the current downtrend, the price is testing the $1,600 level. If this level is lost, ETH could drop as low as $1,491.
Ethereum price is failing to rise above $1,700, causing the downtrend to continue. The price entered the demand block above $1,600 after a 2.53% decline.
ETH price action, which previously went deep into the demand-marked zone, shows lower price rejection with long tails. Ethereum, which has become a lucrative asset at a discounted price, has a chance of a short recovery as sellers are also tired.
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