Ethereum Weekly RSI Drops To Lowest Level Since May 2022 – More Selling Pressure Ahead?
Ethereum (ETH) has decreased by 13.8%, trading at the critical $2,000 support level. The weekly Relative Strength Index (RSI) is at its lowest in three years, indicating potential further declines. US President Trump's trade tariffs on Canada and Mexico have heightened recession fears, with a 39% probability of a recession by 2025. The total crypto market cap has fallen from $3.7 trillion to $2.8 trillion, impacting major cryptocurrencies like Bitcoin (BTC) and ETH, which are down 7.1% and 8.9% in the last 24 hours, respectively. ETH has declined 41.6% over the past year, contrasting with BTC's 26% rise. Analysts warn that if ETH follows past patterns, it could drop another 60%, potentially reaching around $800. However, some analysts believe ETH may be nearing its bottom, with exchange balances at a nine-year low, suggesting increased supply scarcity. Currently, ETH trades at $2,126, down 8.9% in the past day.
