Will ETH Price Optimism Revive Or Plummet More?

Aug 5

From the global woes, the hit taken by Ethereum (ETH) happened to be devastating; the price over the week together dumped more than 35%.

The failure of buyers' strength led to the massive dump that resulted after the destroyed level of $2900. It has declined below 200-day, and 50-day EMA's.

The MACD showed a bearish cross with a broadening histogram downwards at 96.6.

However, the loss of strength in price decline has been caught by RSI, as it has entered extremely oversold territory below 30 at 18.92. Since RSI has been oversold, there happens to be a higher probability for ETH to show a resurgence.

Therefore, if ETH bounces back, then the resistance would lie at $2900, and $2500, respectively. However, the breach of $2150 would give bears the downward target of $1900 and $1550, respectively.