Ethereum RSI Signals Potential Surge to $8,000 Amid Market Rebound

Last week, Ethereum (ETH) prices dropped below $4,000 due to significant liquidations in the crypto market. The altcoin quickly rebounded from the $3,800 level and is now consolidating.

Ethereum RSI Signals Potential Bullish Trend

The Relative Strength Index (RSI) indicates Ethereum is in an oversold zone, suggesting potential undervaluation.
Lark Davis notes Ethereum's RSI is at its most oversold since April, previously leading to a 134% surge.
The RSI is currently around 39.95, indicating a possible parabolic price increase if market conditions turn bullish in Q4.
Michaël van de Poppe highlights that while September is typically weak for Ethereum, Q4 and Q1 usually see bullish trends.
Davis suggests Ethereum might rally to $7,000-$8,000, potentially doubling its current value.

Ethereum Price Overview

Ethereum is trading at $4,006, with recent price losses of 0.32% over one day and 10.7% over seven days.
Trading volume decreased by 57.49%, valued at $21.66 billion.
Historically, October shows average monthly returns of 6.94% and median returns of 1.94%.
A critical support level is identified between $3,800-$3,900, crucial for maintaining a bullish structure.
Ethereum's market cap stands at $483.26 billion, ranking it as the second-largest cryptocurrency.