Ethereum (ETH), the second-largest cryptocurrency by market cap, has faced a prolonged downtrend, dropping to $1,888. This article examines the current state and potential trend reversals.
Current Situation with Ethereum
Currently, ETH is struggling to hold key support levels. Indicators like RSI and MACD suggest possible oversold conditions. The RSI stands at 25.12, indicating deep oversold territory, but this does not guarantee a reversal.
MACD Analysis and Its Implication
The MACD indicator shows strong negative momentum with a histogram at -193.6. For a trend reversal, the MACD line must start curving upward and cross the signal line.
Key Support and Resistance Levels
Ethereum is currently testing a crucial support level at $1,850-$1,880. If this holds, a rebound towards $2,000-$2,100 could be expected. Failure may lead to further decline to $1,700-$1,750.
Ethereum is at a critical point. While oversold signals exist, selling pressure persists. To recover, a break above $2,000 is necessary; otherwise, the downtrend may continue.
