Technical analysis by robofi about Symbol ETH on 7/22/2025

On July 21, 2025, Peter Schiff, a well-known Bitcoin critic and gold advocate, posted on X. His tweet, garnering over 1.5 million views, immediately captured the crypto community's attention: "Ether is back near the upper end of its trading range again. If you own any, this is a great time to sell. As much as it pains me to say, selling Ether and buying Bitcoin with the proceeds is a better trade than holding Ether." While coming from a skeptic, this statement resonates with concerns from many analysts who point to potential bearish signals for the second-largest cryptocurrency. Several factors could contribute to a further decline in Ether's price in the near future. Technical Analysis From a technical analysis perspective, the outlook for Ether also appears concerning. Yesterday, July 21, on the daily timeframe, the RSI (Relative Strength Index) surged past 87%. Such a high RSI value frequently signals an overbought asset, indicating a strong likelihood of an imminent price correction or decline. Investors who rely on technical analysis might interpret this as a clear signal to take profits. Concurrently, on the same daily timeframe, a "Bearish Evening Star" candlestick pattern formed. This three-candle pattern is considered a powerful bearish reversal signal. An "Evening Star" typically emerges after an uptrend, pointing to a potential start of a downward movement. The combination of an extremely high RSI and a bearish candlestick pattern significantly reinforces the probability of a decline in Ether's price in the immediate future.