Ethereum Intraday: the RSI is oversold
Ethereum (ETH/USD)
+25.72+0.58%
the downside prevails as long as 4389 is resistance.
4389 is our pivot point.
Our preference: the downside prevails as long as 4389 is resistance.
Alternative scenario: the upside breakout of 4389, would call for 4494 and 4557.
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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4410 and 4449).
Supports and resistances:
4557 **
4494 *
4389 **
4347
4306 last
4181
4118 **
4055 *
3993 **
Our preference: the downside prevails as long as 4389 is resistance.
Alternative scenario: the upside breakout of 4389, would call for 4494 and 4557.
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 negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 4410 and 4449).
Supports and resistances:
4557 **
4494 *
4389 **
4347
4306 last
4181
4118 **
4055 *
3993 **
Disclaimer: References, analysis and trading strategies are provided by the third-party provider, Trading Central, and the point of view is based on the independent assessment and judgment of the analyst, without considering the investment objectives and financial situation of the investors. All strategic opinions do not constitute investment advice or recommendations and are for references only. Our company also does not guarantee the accuracy of the strategic views and does not take any responsibility for the negative results caused by the trading strategies.
