Ethereum Price Today at $2,641 as Market Drops 6%, Oversold Warnings Flash

The Ethereum price today sits at $2,641 as the crypto market sheds over 6% in a single session. This sudden drop has left sentiment indicators lagging behind, but the short-term charts are flashing oversold warnings.

The daily chart still looks bullish, with ETH trading above all major moving averages and its RSI14 at 59.48, a healthy reading without being stretched. However, the two lower timeframes - the 1H and 15M charts - tell a different story, showing oversold conditions and momentum-driven pullbacks that have broken short-term trend structure.

The conflict between momentum and structure creates tension in the market. The daily chart's bullish structure remains intact, but it is threatened by the 1H 200-EMA near $2,638 and the daily S1 at $2,593. If these levels hold, the oversold readings on the 15M and 1H charts could resolve into a relief bounce.