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
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