Ethereum Intraday: the RSI is oversold
Ethereum (ETH/USD)
-1.86-0.12%
the downside prevails as long as 1596 is resistance.
Our pivot point is at 1596.
Our preference: the downside prevails as long as 1596 is resistance.
Alternative scenario: above 1596, look for 1623 and 1640.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1629 and 1651).
Supports and resistances:
1640 **
1623 *
1596 **
1566 last
1533
1516 **
1500 *
Our preference: the downside prevails as long as 1596 is resistance.
Alternative scenario: above 1596, look for 1623 and 1640.
Comment: the RSI is below 30. It could either mean that the price is in a lasting downtrend or just oversold and therefore bound to retrace (look for bullish divergence in this case). The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1629 and 1651).
Supports and resistances:
1640 **
1623 *
1596 **
1566 last
1533
1516 **
1500 *
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