The chart still looks negative as Ethereum is forming what appears to be a bearish triangle, with the upper line currently at 220.00 USD and the support of this pattern at 168.00 USD. If the price breaks below this level, the potential of this triangle could be around 80 USD, so it could effectively mean nearly 40 percent loss over the next few weeks. The same triangle has previously occurred on Bitcoin and it was also broken down.
However, the RSI indicator is signaling at oversold levels as it remains around 20, which could lead to a relief rally, at least toward the 200.00 USD level.
On the downside, if the 168.00 USD support cracks, further decline toward the 150.00 USD zone could occur quickly. Sentiment is very negative for cryptocurrencies, which could lead to further losses over the next days.
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