Ethereum, following Bitcoin's price movement, declines on the first day of the week. The ETH/USD pair managed to hit a low of $339,50, but at the time of publication, it returned to the $348 area.
The 4-hour chart shows that today's decline has pushed the ETH/USD pair below the uptrend. In this case, you can open sell orders by setting the stop loss at $369. Now the bears have set their target at $340. The next target is located around $318, but the bears will take time to reach it.
Even though the RSI has already entered the oversold zone, it may undergo another bearish crossover, supporting the price decline.
On the daily chart, the ETH/USD pair has confirmed the downtrend that began to form on September 2. This strengthens forecasts for the further decline of the ETH/USD pair, as the pair dipped below 50 MA. And now the bears are aiming to lower the price to the 100MA area, at the level of $320.
The RSI dipped below the 50 marks, forming a stable downtrend since July 31st. Thus, we can predict a further decline in the ETH/USD pair in the coming sessions.