🔥 Ethereum's Rebound? Key Indicators to Watch Now!

30 ส.ค. 2023

In recent trading sessions, ETH has been trading within a bearish parallel channel, raising concerns among investors and traders alike. However, some technical indicators suggest there might be a glimmer of hope on the horizon.

One of the most watched technical indicators, the RSI, has recently shown Ethereum to be in the "very oversold" zone on the daily chart. Historically, an oversold RSI can hint at a potential price reversal in the near term, as it indicates that the asset might be undervalued.

Interestingly, Ethereum's price has seen a slight uptick, bouncing off the support level of the aforementioned bearish channel. This bounce, coupled with the oversold RSI, has made investors optimistic about a potential rebound, or at least a temporary reprieve from the prevailing bearish momentum. The most recent ETF news also helped a lot.

I'm waiting for the price to reach the pattern's top resistance for a potential short entry. With a target set around $1500 and a stop placed just above the resistance level, we're able to construct a nice trade with a R/R of 7.6.

Keep in mind that we're not sure whether the price will reach the entry area. If it reaches, we will scout for a short. If not, a next trade will come.