Ethereum Is Now Oversold (RSI & More Proof)

kelmarin

Overextended. I opened this chart and there was no doubt, this move is already over-extended, the bearish move that is. I had to add the RSI to show it to you.

See, the RSI is oversold and the lowest since August 2024. Needless to say, when the RSI went this low in August it produced a reversal and a strong bullish wave. Now, it will do the same.

Very, very low volume on the drop. Just notice the bars, look at the chart. Isn't it clear?
I mean, based on technical analysis. I admit that the chart signals can be ignored and the market move against all odds, but normally, they work. It is the only tool we have available to try and predict what will happen next. The Ethereum chart is saying, "A reversal is coming, prices are about to start moving up. Get ready!"

Thank you for reading.

By the way, we are going beyond 11K.

Namaste.

kelmarin

Nota

We were talking about the RSI. Right now there is a long-term bullish divergence on the RSI. The RSI signal is tricky though because the reading is weak, which we interpret as oversold, but this doesn't necessarily mean that the bottom is in. So we have to look for other signals to support the RSI.

The daily MACD is on the bearish zone but also showing a bullish divergence, so this one is a mixed signal. Things can change in a matter of days though.

There isn't much. We have to go with the super high bull-volume 3-Feb. when the long-term support (baseline) was hit and the fact the the following days and lower low has very low bear-volume. Overall, the signals are leaning towards the bulls. The bulls have the upper-hand.

The market is bearish based on price action, but a bullish wave can only develop out of a bearish wave. At some point, like it is happening now, a bottom forms and from this bottom a change of trend.

Prepare for higher prices.

Thanks a lot for your continued support.

I hope you find the content entertaining and useful.

Namaste.

semalam

Nota

A strong bullish bias is present on the 4H MACD and RSI.

semalam

Dagangan aktif

The bullish bias is now fully confirmed. We aim up, up and higher.

Remember, this is just the beginning, literally. This move only signals the start of a rise toward $11,111.
We are bullish long-term. We just caught the bottom.

Thanks a lot for your continued support.

Namaste.