ETH remains within a descending channel and has reached an important support area.
The current structure shows a potential formation of a double bottom pattern, coinciding with a retest of the Relative Strength Index (RSI), which adds weight to the likelihood of a short-term rebound.
Buyers need to defend this area and push the price back above the descending trend line in order to change the momentum.
Until that happens, patience and waiting for confirmation remain essential.
ETH
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