Ethereum Intraday: the RSI is oversold
Ethereum (ETH/USD)
+36.59+1.22%
the downside prevails as long as 2941 is resistance.
Our pivot point stands at 2941.
Our preference: the downside prevails as long as 2941 is resistance.
Alternative scenario: the upside breakout of 2941, would call for 3014 and 3058.
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 is trading under both its 20 and 50 period moving average (respectively at 2994 and 3053).
Supports and resistances:
3058 **
3014 *
2941 **
2912
2881 last
2785
2741 **
2698 *
2654 **
Our preference: the downside prevails as long as 2941 is resistance.
Alternative scenario: the upside breakout of 2941, would call for 3014 and 3058.
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 is trading under both its 20 and 50 period moving average (respectively at 2994 and 3053).
Supports and resistances:
3058 **
3014 *
2941 **
2912
2881 last
2785
2741 **
2698 *
2654 **
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