Ethereum (ETH) declines for a second consecutive day on Tuesday after facing rejection around the $2,700 level the previous day.
Ethereum price today: $2,600 Ethereum price extends decline after rejection around the $2,700 level on Monday. ETH’s Estimated Leverage Ratio has increased to the highest since early July, raising the chances of a short squeeze. US spot Ethereum ETFs recorded a mild outflow of $20.80 million on Monday. Ethereum declines for a second consecutive day on Tuesday after facing rejection around the $2,700 level the previous day.
If ETH continues its retracement, it could decline further to retest its daily support level of around $2,461. The Relative Strength Index momentum indicator reads 56 and points downwards on the daily chart after rejection around its overbought level of 70, indicating weakness in bullish momentum. If RSI continues to decline and closes below its neutral level of 50, it could lead to a sharp decline in Ethereumprice.
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