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ETH unlikely to dip below $2,000 ETHUSDT Technical Analysis Update: There are two potential scenarios for a rebound. Scenario 1: The previous resistance level at $2,140 could now act as crucial support for ETH, potentially triggering a bounce from this level. Scenario 2: At the $2,000 level, two historical resistances could act as support for ETH. Additionally, the $2,000 level carries psychological significance as support for ETH. If Ethereum (ETH) price reaches the $2,000 level, the 100-day Exponential Moving Average (EMA) could act as a potential support in the day chart. Ethereum price may consolidate above the $2,000 support level for a month before the upward move. I believe the ETH price is unlikely to fall below $2,000
Long
by HexaTrades
4
Interpreting RSI (Relative Strength Index)The Relative Strength Index (RSI) is a momentum indicator that measures the speed and magnitude of price movements. It is a versatile tool that can be used to identify overbought and oversold conditions, as well as divergences and trend strength. Overbought and Oversold Conditions The RSI oscillates between 0 and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. These levels are not set in stone, and they can vary depending on the security and the market conditions. However, they are a good starting point for identifying potential buying and selling opportunities. Overbought: An RSI reading above 70 indicates that the security is overbought, which means that it has been trading up rapidly and may be due for a correction. However, it is important to note that the RSI can stay in overbought territory for an extended period of time before a correction occurs. Overbought RSI indicator ETHUSD(Day Chart) As you can see in the chart, when the RSI indicator hit the 70 level, the price started dropping continuously. Oversold: An RSI reading below 30 indicates that the security is oversold, which means that it has been trading down rapidly and may be due for a bounce. However, like with overbought conditions, the RSI can stay in oversold territory for an extended period of time before a bounce occurs. Oversold RSI indicator BTCUSD (weekly Chart) As you can see in the chart, when the RSI indicator hit the 30 level, the price started bouncing from the bottom level. The RSI indicator has accurately predicted the bottoms of Bitcoin's major bear markets in 2015, 2018, and 2022. Stay tuned for more updates on this topic. Regards Hexa
INDEX:BTCUSDEducation
by HexaTrades
2