Ethereum Price Faces Potential Drop to $1,400 Amid Bearish Indicators
Ethereum is facing potential downward pressure, with technical indicators suggesting a possible drop to $1,400 if current trends continue. Key points include:
- Recent analysis indicates strong selling activity in the Fair Value Gap on the 4-hour chart after a 10% drop last Sunday.
- The price was rejected at $1,650, reinforcing bearish sentiment.
- Trading within the Fibonacci "golden pocket" suggests further risks unless it breaks above $1,724.
- The Stochastic RSI is approaching overbought territory, adding bearish pressure.
- If rejection occurs again at the Fair Value Gap, a decline below $1,400 is likely.
Currently, Ethereum is trading at $1,627.
