Ethereum : Price Analysis, March 28



The Relative Strength Index (RSI) readings on Ethereum are in the deeply oversold territory not seen since Dec. 2016. So, should the traders initiate long positions?

No. In a downtrend, the RSI can remain in the oversold territory for a long time. However, traders should watch for a reversal in the price action because an oversold reading shows that the selling has been overdone.


On March 27, the ETH/USD pair broke below the March 18 lows of $452.32. Ideally, the selling should intensify and the cryptocurrency should fall to the next support of $385.

If the markets reject the lower levels and the price starts to move back up, it will be the first indication that a bottom is in place. Once the price rallies above $600, it will indicate a double bottom formation. Therefore, we suggest waiting until Ethereum shows strength.

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