Short-Term Bearish Pressure Despite Bullish Long-Term Outlook

Ethereum is currently trading at $1756, with a 1.73% decline in the past 24 hours. The Relative Strength Index (RSI) is at 51, indicating that the coin is in a neutral state. The Fibonacci retracement levels indicate that the key levels to watch for are $1841, $1726, $1611, and $1468.

In the 4-hour timeframe, the upper Bollinger band is at $1825, the lower Bollinger band is at $1724, and the middle Bollinger band is at $1775. This suggests that the market is currently in a sideways consolidation phase.

The volume oscillator is at -7.5%, indicating that the trading volume is lower than usual. The Moving Average Convergence Divergence (MACD) is at 8, which suggests that the coin is in a bullish trend.

The stochastic oscillator is at 31, which indicates that the coin is oversold in the short term. The hourly EMA 50 is at $1713, which could act as a support level if the price falls.

The On-Balance Volume (OBV) is at 21.358M, indicating that the buying pressure is still present in the market.

Taking into account the recent news that Ethereum bulls are bracing for a quick drop, it is possible that the coin could see a short-term decline. However, the overall trend remains bullish, as indicated by the MACD.

In conclusion, while the short-term outlook for Ethereum may be bearish, the long-term trend remains positive. Traders should watch the Fibonacci retracement levels and support levels closely, as they could act as key levels in the coming days.

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