Crypto News– Another week has brought about a decline in the value of Ethereum price, with a drop to $1,557. This marks a 5% decrease over the span of a week that, in general, witnessed negative trends in the cryptocurrency market.
The loss of momentum extends even further, as Ethereum’s price has fallen by 8% in the last fortnight and by 2% over the past 30 days. Nevertheless, it’s worth highlighting that, in spite of recent setbacks, the leading altcoin has managed to sustain a year-to-date gain of 29.6%.
Will Ethereum price see a resurgence in the week ahead?
Ethereum’s current situation presents a mixed picture, but recent overselling may set the stage for a potential resurgence in the weeks to come.
This is especially true when considering the robust fundamentals of the Ethereum network and the possibility of increased investor interest.
The Relative Strength Index (RSI) for ETH, depicted by the purple line, has seen a decline from nearly 70 at the start of the month to its current level of 35. While there has been a minor uptick in the past few hours, it remains in a weak position, signaling that the coin is presently in an oversold state.
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