The last time Ethereum's RSI turned oversold, it rebounded by 400%. What will happen this time?
Traditional analysts consider an asset to be excessively sold after its RSI reading fall below 30. Furthermore, they also see the drop as an opportunity toEther’s previous oversold reading appeared in the week ending on Nov. 12, 2018, whichWhile past performances are not indicators of future trends, the latest RSI’s move below 30 raises the possibility of Ether undergoing a similar—if not an equally sharp—upside retracement in the future..
If it does, bulls could eye an extended upside move toward the 50-week EMA above $2,700, up almost 100% from the price of June 12. If not, Ether could resume its downtrend, with $1,120 serving as the next target, a level coinciding with the token's 0.782 Fib line, as shown in the chart below.Macro headwinds and a $650 Ether price target
The RSI-based bullish outlook appears against a flurry of bearish headwinds, ranging from persistentlyIn detail, Ether’s price declined by more than 20% in the last six days, with most losses coming after June 10, when the United States Labor Department
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