Over a four-hour time frame, Ethereum has formed low highs and lows in its downstream channel mode.
Prices may be ready to resume the slide and set their sights on the fall target of the Fibonacci expansion sign. The 100 SMA is lower than the long-term 200 SMA, indicating that the path with the least resistance is the down path. In other words, a sell-off is more likely to gain traction than a reversal.
Although the price is slightly above the 100 SMA dynamic inflection point, the gap between the indicators is widening to reflect the increase in sales pressure.
RSI is moving downwards, indicating that the bearish momentum is picking up and that the oscillator has enough room to reflect fatigue before it reaches the oversold area. The price can be aimed at 50 percent of the extension, which is related to the middle channel area, about $165, or 78.6 percent of the extension line closer to the bottom of the channel.
The full-extension was $147.72. The random indicator has moved southwards, indicating that selling pressure is working and that the oscillator has some basis to cover before indicating oversold conditions.