Ethereum price from the past a week appears to be perplexed by the upcoming move as the bears seem to be in a state of euphoria. The weekly RSI of the asset has bottomed hard, specifically at the lowest point ever.
But still, the asset strongly holds above $1060, maybe because the 3AC’s 212 K ETH could be liquidated at $1014 or below.
While the asset has been testing these levels multiple times, the possibility of a breakdown is also pretty high. However, the ETH price crypto is yet trading along the parabolic growth curve along with a fear of a plunge to $622 levels in the near future.
As mentioned above, the weekly RSI has broken this week below its 1W 200-day MA levels for the first time since October 2020. This compelled the price to test the lower Logarithmic Growth Curve.
The ETH price is currently at one of the strongest support zones but is yet to meet another condition of a pattern formed which lies along with the FIB levels.
Ethereum price during each bearish cycle drops from 0 FIB levels to 0.5 FIB levels, marking the bottom of the cycle. However, presently, the asset is yet to reach these levels which woefully lies much lower than current levels at $625.
Interestingly, these levels also coincide with the 5-year higher-lows trendline. If the Ethereum (ETH) price breaks down from the Growth curve, it may drop down to the lower support at the trendline at $625 soon.