Can Ethereum [ETH] defy the mounting bearish pressure this time

ambcrypto.com:

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Ethereum was in a steady downtrend and has been since April. The selling pressure has been so intense that even long-term investors who hadn’t sold ETH in a year had been forced to sell. What was the most likely path forward for ETH on the price charts?

Since 12 May, the USDT dominance metric has been falling. It dropped from 6.75% on that day, to stand at 6.05% at press time. This development suggested that people who were holding Tether had deployed their capital.

Market participants who previously fled to stablecoins have now begun to enter the crypto markets once more, and this suggested that some of the fear of the past few weeks could be reduced.

Source: ETH/USDT on TradingView

In late March, the previously bearish market structure was broken and ETH teased at a bullish bias. However, as April began, ETH was forced to drop below the $3000 mark, highlighting the strength of the bears. Moreover, the previous lows at $2200 and $2500 in January and February respectively were both broken in recent weeks.

The $1750-$1950 area (cyan box) represents an area of demand that Ethereum rallied strongly from in July and August of 2021. However, as things stand, a rally was not yet evident.

A bullish engulfing candle, for a start, could be a sign of strong buying. A move past $2150 would not necessarily mean the market was bullish on the longer timeframes, but it would indicate that the $2350 could be revisited before another move downward.

Source: ETH/USDT on TradingView

The RSI remained below neutral 50, to show a bearish trend in progress. However, the RSI has been making higher lows in recent days, and