Ethereum has been consolidating below an important resistance level and has not made significant price advancements in the past 24 hours or on the weekly chart. The technical outlook for ETH is bearish, with indications of falling demand and accumulation. However, there is a possibility of a bullish breakout in the near future, but broader market support is needed for Ethereum to reverse its declining price trend. The market capitalization of Ethereum has declined, indicating an increasing dominance of sellers, and the trading volume has also decreased, pointing towards fatigue among sellers. The Relative Strength Index (RSI) indicates that sellers currently outnumber buyers, and the Directional Movement Index shows a negative trend. However, there is a potential hint of recovery suggested by the Chaikin Money Flow indicator.
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Ethereum Price Analysis: Consolidation Continues as Technical Outlook Remains Bearish
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