Analysis: Ethereum could fall to $990

Ethereum (ETH) could fall to $990. That’s according to an analysis published by Cointelegraph, which claims that Ethereum’s current price movement is very similar to the fractal pattern that appeared in 2018 and 2022. At those times, ETH rose strongly before falling sharply, leading to a prolonged bear market. Back then, ETH formed a bearish divergence with a higher price high but a lower relative strength index (RSI) high. It then experienced a major correction after breaking away from a major support line. Typically, a cycle bottom is formed after the RSI enters the oversold zone (below 30). Currently, the ETH/USD weekly RSI is above 30, so there is still a possibility of further decline, which is why the publication suggests that it could still fall to $990-$1,240.