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Ethereum’s price has been facing significant downward pressure The last few days, with Cryptocurrency through dip under $ 2,000 brand for the first time since December 2023. The crash below $ 2,000 has made more more damage to the already declining Bullish sentiment, and the next sight is whether there will be more incoming downs or if the leading Altcoin is already approaching a bottom.
Noteworthy has an interesting signal about a probable result revealed through Ethereum CME Futures diagram, where the monthly relative strength index (RSI) just reached its lowest level on the post and surpassed the readings from the 2022 Bear market.
Ethereum’s monthly RSI drops below 2022 levels
Crypto -analyst Tony “The Bull” Severino has marked one Significant developments in Ethereum’s technical indicators, which point out that Cryptocurrency’s monthly relative strength index (RSI) on the CME futures diagram has now fallen to its lowest level on the post.
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This decline has pushed RSI during the Bear market bottom in 2022, a period that saw Ethereum reach perennial lowness before they eventually arranged a recovery. Severino divided this observation into a detailed technical analysis post on social media platform X, with Ethereum’s Futures monthly candlestick time frame table.
The analyst noted that although this drop suggests a strong sales moment, it may also form a Hidden Hausse. This is because the last time Ethereum’s RSI fell to such extreme lows, eventually found its foot about $ 900 and began a price development during the months that followed. This previous performance increases the possibility of Ethereum approaches a bottomDespite its current downward speed. It is possible that Ethereum has now found a foot about $ 1,900 and is now ready for another pickup in the coming months.
Severino, however, remained careful with the situation and found that the reading can also mean that sales pressure is strongest and could continue to drive Ethereum lower to overwhelmed conditions. Interestingly, he also made it clear that despite the potential for a turn, he is currently leaning more towards a baissey view of Ethereum.
Stochastic indicator pointing to a deeper baissead phase
In addition to the RSI levels, another key indicator is that Severino emphasizes Ethereums a month’s stocastic oscillator, which has now dropped under the 50 mark. IN a previous analysis, He noted that Ethereum’s drop below the 50 mark is characteristic of a Bear Make -territory. But it usually does not find a bottom until the stochastic indicator reaches below 20 and is in Extremely oversold conditions.
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As can be seen from the diagram below, previous trends indicate that when Ethereum’s stocastic oscillator enters the Bear Market Territory, it often takes months before the asset stabilizes and begins a strong recovery.
At the time of writing, Ethereum is traded at $ 1,920 and has recently reached a low $ 1,851 over the past 24 hours.
Image from Unsplash, chart from tradingview.com
