🔥 Ethereum First Oversold Signal Since FTX: High Risk Reward
Updated
ETH has been selling off over the last couple of days. As of today, ETH has reached daily oversold levels on the daily RSI, the first time since the FTX collapse.
The daily RSI being oversold on the bigger assets like ETH and BTC typically offers good risk-reward entries for bounce plays.
To further strengthen the bullish narrative, ETH is currently trading at a very strong diagonal support. I've been looking at this support for a couple of weeks now.
My target is the 2023 top for the highest R/R. One could also use 2000 or 1900 as TP levels. Stop under the daily low.
Keep in mind that this trade is relatively risky since the crypto market is weak at the moment.
The daily RSI being oversold on the bigger assets like ETH and BTC typically offers good risk-reward entries for bounce plays.
To further strengthen the bullish narrative, ETH is currently trading at a very strong diagonal support. I've been looking at this support for a couple of weeks now.
My target is the 2023 top for the highest R/R. One could also use 2000 or 1900 as TP levels. Stop under the daily low.
Keep in mind that this trade is relatively risky since the crypto market is weak at the moment.
Note
Reversal in play🎯
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