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This article is also available in Spanish.
The price of ethereum was in the face of significant downward pressure In the last days, when the cryptocurrency drops even below $ 2,000 for the first time since December 2023. The disaster below USD 2000 has done more the harm of the falling The party sentiment, and the next perspective is whether there will be more incoming declines or the leading Altcoin is already approaching the DNA.
In particular, an captivating signal of the likely result was revealed by Ethereum CME Futures Chart, in which the monthly relative strength rate (RSI) has just reached the lowest level in a record level, exceeding the readings from the Bear 2022.
The monthly RSI Ethereum will drop below 2022 levels
Severino “The Bull” cryptographic analyst emphasized The significant development of Ethereum technical indicators, indicating that the monthly relative indicator of the cryptocurrency force (RSI) on the Futures CME chart has now dropped to the lowest level.
This decrease increased the RSI below the Bear DNA on the 2022 market, during the period in which the Ethereum reached a long -term minimum before eventually issued a revival. Severino released this observation in a detailed post of technical analysis on the Social Media platform X, using the Ethereum’s time map.
The analyst noticed that although this decrease suggests a powerful sales rush, it could also be creation Hidden stubborn discrepancy. This is because the last time, when RSI Ethereum fell to such extreme low, eventually was around 900 USD and set off at an elevated level of prices in the following months. This previous performance raises the possibility Ethereum is approaching the bottomDespite the current rush down. It is possible that Ethereum has now found around $ 1900 and is now preparing for another growth in the coming months.
However, Severino remained cautious in this situation, stating that the reading may also mean that sales pressure is the strongest and can continue to drive Ethereum lower in sold -out conditions. Interestingly, he also explained that despite the potential for reversal, he is now bent more towards the bear on Ethereum.
The stochastic indicator indicates a deeper bear phase
In addition to RSI levels, another key indicator, which Severino emphasized, is the one -month Stochasty Ethereum, which fell below 50. Previous analysis, He noticed that the decrease in Ethereum under the 50th year is characteristic of the territory of Maket Bear. However, it usually does not find DNA until the stochastic indicator reaches below 20 Extreme conditions sold out.
As shown the chart below, past trends indicate that when the stochastic oscillator Ethereum enters the territory of the bear, it often takes several months before the asset component stabilizes and begins a powerful recovery.
At the time of writing this text, Ethereum trads 1,920 USD, and recently has reached a low level of USD 1,851 in the last 24 hours.
A distinguished picture from Unsplash, tradingview.com chart
