Ethereum Intraday: the RSI is oversold
Jan 18, 2025 7:50 AM
the downside prevails as long as 3361 is resistance.
Our pivot point is at 3361.
Our preference:
the downside prevails as long as 3361 is resistance.
Alternative scenario:
the upside breakout of 3361, would call for 3438 and 3484.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3405 and 3417).
Supports and resistances:
3484 **
3438 *
3361 **
3331
3290 last
3195
3149 **
3104 *
3058 **
Our preference:
the downside prevails as long as 3361 is resistance.
Alternative scenario:
the upside breakout of 3361, would call for 3438 and 3484.
Comment:
the RSI is trading below 30. This could mean that either the price is in a lasting downtrend or just oversold and that therefore a rebound could shape (look for bullish divergence in this case). The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 3405 and 3417).
Supports and resistances:
3484 **
3438 *
3361 **
3331
3290 last
3195
3149 **
3104 *
3058 **
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Ethereum
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