Ethereum Struggles at Major Resistance, Bearish Engulfing Fears

Ethereum (ETH) is struggling to hold its ground as it faces major resistance. The cryptocurrency recently broke an uptrend, but bounced back above only to fall under it again and enter a mid-intraday downtrend.

The weekly chart for Ethereum shows a bearish engulfing pattern, which lacks volume. This indicates that the price action is weakening. In the past, similar instances of bearish engulfing have occurred, as shown by the arrows on the chart.

The Relative Strength Index (RSI) and dollar flow for Ethereum both peaked in mid-November and have formed negative divergences since then. This suggests that the price is losing momentum. Additionally, volume has been decreasing, with some selling pressure evident.