Ethereum Price Prediction as ETH Experiences a 5% Weekly Decline – Is the Bearish Trend Set to Continue?

cryptonews.com:

Ethereum has dipped again today, with its fall to $1,550 representing a 0.5% decline in 24 hours and a 5% drop in a week that has been largely negative for the cryptocurrency market.

This loss of momentum also means that the ETH price has fallen by 8% in a fortnight and 2% in the last 30 days, although the market's biggest altcoin remains up by 29.6% since the beginning of the year.

It's picture therefore remains pretty mixed, yet its overselling in the past few weeks has likely set the asset up for a rebound in the coming days and weeks, especially when its fundamentals remain as strong as ever.

Ethereum's price has been taking a beating for a couple of months now, with the coin's indicators looking very weak since the middle of August, when the overall market suffered a big drop.

ETH's relative strength index (purple) has fallen from nearly 70 at the start of the month to 35 this morning, and while it has inched up slightly in the past few hours it still looks weak, meaning that the coin is being oversold.

It's much the same with ETH's 30-day exponential moving average (yellow), which continues to slide even further below its 200-day average (blue), providing another indication of strong selling pressure.

Possibly the most discouraging signal right now is that provided by the token's support level (green), which has actually declined in the past few days, meaning that ETH may not be able to resist further dips in the next few days.

However, while further minor falls may be possible in the very near future, the sheer fact that ETH has been so heavily sold recently should mean that, sooner or later, traders begin swooping in to buy the coin at an attractive discount.

Indeed, ETH is so undervalued relative to its fundamentals