Ethereum’s Struggle: Bearish or Bounce?
Ethereum is consolidating near $2,620, struggling to gain momentum after last week’s heavy losses. The Bollinger Bands are tightening, indicating reduced volatility and a potential breakout soon. RSI at 42.62 suggests $ETH is nearing oversold territory, but no strong bullish divergence has formed yet. Support sits at $2,600-$2,620, and a breakdown could send $ETH to $2,500 or lower. A reclaim of $2,680-$2,700 is needed for bulls to regain control and target $2,800+. The Pectra upgrade and ETF inflows remain bullish catalysts, but market sentiment is weak. If $ETH fails to hold above $2,600, expect another leg down.