ETH historical buying opportunity... but
As far as statisctics go, ETH has recently had an extremely oversold week both as per the RSI and Stochastic RSI indicators. This has often proven to be a great entry for long-term hodlers.
However, analyzing the weekly logarithmic chart, we can see that a downtrending channel was formed and the price has so far respected its borders. This could imply further drops to either 600-ish price levels before October or even 450 by mid-November. This only applies of course if the price action remains in the descending logarithmic channel, to which we have no guarantee.
Therefore, I deployed some of my capital based on the RSI/Stohc RSI confluence (also there was an insignificant support level from the past that might have acted as support now). You never know what the future holds. I am ready to dump more capital into the market if price drops even further below.
However, analyzing the weekly logarithmic chart, we can see that a downtrending channel was formed and the price has so far respected its borders. This could imply further drops to either 600-ish price levels before October or even 450 by mid-November. This only applies of course if the price action remains in the descending logarithmic channel, to which we have no guarantee.
Therefore, I deployed some of my capital based on the RSI/Stohc RSI confluence (also there was an insignificant support level from the past that might have acted as support now). You never know what the future holds. I am ready to dump more capital into the market if price drops even further below.
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