Ethereum [ETH] bounces from $1600 but bearish bias remains: Here’s why

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. The bearish structure break two weeks ago meant sellers had an edge at press time. An imbalance on ETH charts could offer an ideal selling opportunity. A recent report highlighted that Ethereum [ETH] validators […]

This was good for long-term holders. Indeed, the price has performed well, considering its rally from early January. Although the market structure was bullish on the higher timeframes, a revisit to $1685 could initiate strong bearish pressure.Source: ETH/USDT on TradingView

At the time of writing, Ethereum appeared to be headed upward after bouncing from $1600 within the past 36 hours. The RSI climbed above neutral 50 to highlight some bullish momentum that had taken hold. The OBV was in an uptrend as well, showing steady buying pressure.

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