Ethereum $ETH has experienced notable price fluctuations recently. Over the past week, ETH has declined by 13.66%, trading within the range of $3,648.43 to $4,137.17. However, on a monthly scale, ETH has gained 7.75%, signaling some resilience amid broader market turmoil. Over the last six months, the asset has decreased by 4.14%, reflecting a mix of short-term gains and longer-term losses.
Technical Indicators:
Relative Strength Index (RSI): Currently at 31.82, ETH is nearing oversold territory, suggesting it may be undervalued at its current price level.
Simple Moving Averages (SMA): The 10-day SMA is $3,403.46, below the 100-day SMA of $3,807.62, highlighting bearish short-term momentum relative to longer-term trends.
MACD: At -85.71, the MACD reflects strong bearish momentum.
Stochastic Oscillator: At 13.16, this low value indicates oversold conditions, which could precede a potential recovery.
Support and Resistance Levels:
Upside Potential:
The first resistance level stands at $4,317.86, approximately 18% above the current lower price range.
A further breakout could push ETH toward the next resistance at $4,806.60, representing a 32% increase from its current level.
Downside Risk:
Immediate support is at $3,340.38, roughly 9% below the current price.
A breach of this level could see ETH testing the next support at $2,851.64, marking a potential 22% drop.
