Ethereum yesterday recorded an extremely bearish day of price actions along with the rest of the market.
After outperforming since mid-December, Ethereum underperformed other cryptocurrencies during yesterday's crash, causing the third cryptocurrency to collapse in terms of total capitalization.
He recently gained second place from Ripple's RPP, but yesterday's fall brings Ethereum back to third.
The decline meant that Ethereum would fall below a series of key levels.
$ 128 to $ 140 was a key consolidation area during the mid-November declines and many analysts anticipated strong support at $ 140.
However, the price fell below both levels and currently trades around $ 126.
However, the lower hourly chart of the time frame begins to show the formation of more bullish schemes.
A bullish divergence is forming between price and RSI.
A bullish divergence is a model of trend reversal and occurs when the price is reduced to a minimum despite the lower RSI.
This shows that the price continues to decline even if the selling pressure is decreasing.
- Ethereum returns to the third position in the capital cap charts of cryptocurrency after underperforming yesterday's price action.
- Yesterday's price action led Ethereum to fall below two key levels: $ 140 and $ 128.
- The bullish divergence – a trend reversal model – is currently being formed on an hourly basis.
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