Although Ethereum (ETH) is witnessing sustained downward pressure, causing the asset to drop below $3,000, technical indicators suggest the cryptocurrency might be building for a short-term rebound.
This outlook was presented by popular cryptocurrency analyst TradingShot, who in a TradingView post on November 18 pointed out that the rebound potential can be traced back to last month’s performance.
ETH price analysis chart. Source: TradingView
Since early October, ETH has been trading within a descending channel, experiencing two consecutive bearish legs, each declining roughly 27.5%. This ongoing trend has kept Ethereum below key technical levels, reflecting broader market caution among investors.
The analyst highlighted the one-day Relative Strength Index (RSI) as a potential signal for a temporary recovery. The RSI is forming higher lows while the price continues to make lower lows, creating a bullish divergence.
This pattern mirrors similar price behavior observed i
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