FX.co ★ Short-term technical analysis on Ethereum for May 2nd, 2023.

Blue lines- bullish channel

Black line- bearish RSI divergence

Ethereum is trading around $1,831. Price remains inside the blue upward sloping channel it is in since November. Price recently made a top around $2,120 and turned lower. The last higher high in price was not followed by a new higher high in the RSI. The RSI has provided one bearish divergence. This is an early warning for bulls but not a reversal signal. Price continues making lower lows and lower highs in the near term. Price is vulnerable to a move lower towards the lower channel boundary support at $1,665. Bulls need to defend this support level. Failure to do so will open the way for a bigger decline towards March low of $1,369.