Ethereum Weekly Chart Shows Bearish Engulfing Pattern Without Convincing Volume

Ethereum's weekly chart has formed a bearish engulfing pattern, which is typically a sign of a potential reversal in price. However, this particular instance lacks volume, making it less convincing as a sell signal.

The $CRYPTOCAP:ETH index, which measures Ethereum's market capitalization, is struggling at major resistance levels. Despite recent attempts to break through, the price has consistently failed to hold gains.

The Relative Strength Index (RSI) and Money Flow ($FLOW) indicators for Ethereum peaked in mid-November and have since formed a negative divergence, indicating weakening momentum. This trend is further supported by decreasing volume and selling pressure.