Ether Leeum’s price seemed to return to recovery and to regain psychological $ 2,000 during the week. But Altcoin is one of the most affected by the latest inflation data in the United States and has returned to less than $ 2,000.
The latest modification emphasizes the struggle of Etherrium for the last few months, and the performance is in progress during the bull in the entire market. Interestingly, the outstanding indicators flashed the bottom of the second largest Cryptocurrency.
Is ETH ready to rebound?
In the post on the X Platform on March 28, CMT (CHAR Encryption Expert said Altcoin could be prepared for rebounding at the latest low.
This analysis is based on the recent changes in the one -month relative robbery index (RSI) indicator on Ether Lee Monthly chart. The relative strength index is an exercise indicator used for technical analysis to measure the speed and size of asset prices.
The RSI oscillator is used to detect whether the assets are overpassed or over and over, which shows the tendency of trend/price reversal. In general, more than 70 RSI readings signal overpass market conditions, and relative intensity indexes of less than 30 suggests excess conditions.
According to SEverino, the monthly Ether RSI indicator is the last worth in the 2018 Bear Market. As observed in the chart below, the indicator reached the bottom of the encryption market in May and November 2022.
Source: @tonythebullBTC on XAfter reaching this level, ETH’s relative robbery index and price tend to return to a new high. In the 2018 cycle, Etherrium price has increased by almost 4,000% from $ 120 to $ 4,878.
Meanwhile, Altcoin returned to this record price in early 2024 after reaching the RSI floor in 2022. If the history itself is repeated, the price of ETH has been returned to the newest at the current point.
However, Severino emphasized in his post after the price of the monthly Ether RSI in 2018 fell by about 94% from the highest level. The price of ETH is only 56%in the region and 63%at the highest record. Therefore, there is still a risk of further drop in Etherrium prices.
At a glance, Etherrium price
At the time of this article, ETH’s price was about $ 1,880, down almost 7% over the last 24 hours.
The price of ETH on the daily timeframe | Source: ETHUSDT chart on TradingViewChart of TradingView, the main image of Unsplash
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