Major Technical Divergence Emerges on the Ethereum Chart as Price Holds but Buying Pressure Fades

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At press time, ETH traded at approximately , recovering from a recent intraday high. This price action puts the market at a critical crossroads, with analysts watching to see if support can hold in the face of weakening underlying strength.

According to a chart shared by market analyst Rekt Capital, Ethereum has once again affirmed $2,516 as a crucial support level.

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While the price is holding support, technical data shows early signs of a bearish divergence. The Relative Strength Index (RSI 14) has dropped to 49.54, falling below the neutral 50 level. This suggests reduced buyer strength after multiple weeks of price activity above $2,600. The RSI had reached above 60 in recent sessions, but the retreat signals a shift in market momentum.

The MACD indicator also reflects a decline in bullish pressure. The MACD line currently stands at 59.04, while the signal line is higher at 75.34, producing a negative histogram reading of -16.30. This bearish crossover typically indicates that selling activity is overtaking buying interest.

At the time of writing, Ethereum’s price was up by 0.58%, reaching . However, daily trading volume dropped by 45.66% to $21.6 billion. This decline in volume contrasts with the price rebound and may signal weakening short-term conviction.