ETH/USD Weakness Pushes RSI to Lowest Level Since March
ETH/USD registers a fresh monthly low ($1623) after failing to defend the May low ($1741), with the recent decline in Ethereum pushing the Relative Strength Index (RSI) to its lowest level since March.
ETH/USD Outlook
ETH/USD appears to be staging a rebound amid the lack of momentum to push below the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) region, and Ethereum may mirror the price action from March if the RSI holds above oversold territory.
Need a move above $1699 (38.2% Fibonacci retracement) to bring the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) area back on the radar, which incorporates the 50-Day SMA ($1863).
However, recent developments in the moving average warns of a potential change in trend as it no longer reflects a positive slope, and a move below 30 in the RSI is likely to be accompanied by a further decline in ETH/USD like the price action from last year.
A break/close below the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) region opens up the $1431 (61.8% Fibonacci retracement) to $1453 (78.6% Fibonacci extension) area, with the next point of interest coming in around the March low ($1371).
--- Written by David Song, Strategist
ETH/USD Outlook
ETH/USD appears to be staging a rebound amid the lack of momentum to push below the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) region, and Ethereum may mirror the price action from March if the RSI holds above oversold territory.
Need a move above $1699 (38.2% Fibonacci retracement) to bring the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) area back on the radar, which incorporates the 50-Day SMA ($1863).
However, recent developments in the moving average warns of a potential change in trend as it no longer reflects a positive slope, and a move below 30 in the RSI is likely to be accompanied by a further decline in ETH/USD like the price action from last year.
A break/close below the $1565 (50% Fibonacci retracement) to $1623 (78.6% Fibonacci retracement) region opens up the $1431 (61.8% Fibonacci retracement) to $1453 (78.6% Fibonacci extension) area, with the next point of interest coming in around the March low ($1371).
--- Written by David Song, Strategist
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.