15 hour ago
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Ethereum Flashes Oversold Signal Indicating Potential Short-Term Rebound
Ethereum is signaling a potential relief rally due to historically low MACD and RSI readings, indicating a major demand zone.
Key Technical Indicators
- The daily MACD has reached levels not seen in years, entering the -210 to -220 region, associated with previous market bottoms.
- The RSI is also deeply oversold, suggesting that sell pressure is weakening.
Despite these signals, a confirmed trend reversal is not guaranteed as oversold conditions can persist in strong downtrends. However, these signals hint at a possible temporary recovery.
Demand Zone and Potential Rebound
- Ethereum has tapped into a key demand zone, showing signs of easing downside momentum.
- If bullish strength returns, Ethereum could retest the $3,500 region.
- Further bearish pressure might push ETH towards the $2,400 to $2,600 support zone.
