Ethereum is currently trading at a major high-timeframe demand zone, highlighted in green. This level has acted as a strong support area multiple times in the past, consistently producing bullish reactions after deep pullbacks.
An important confluence to note is the RSI dropping below 30, signaling oversold conditions. Historically, on this chart, every instance where RSI fell below 30 resulted in a noticeable price bounce, indicating downside exhaustion and aggressive dip-buying from this zone.
With price now revisiting this proven support while momentum is oversold, the probability of a short-term to mid-term bounce increases, provided this demand zone holds.
Key Points:
- Price at a strong, well-tested HTF support/demand zone
- RSI below 30, historically followed by bullish rebounds
- Sellers showing signs of exhaustion at key structure
We should wait for confirmation, such as bullish candle closes, momentum shift, or structure reclai,m before entering. A sustained breakdown and acceptance below the support zone would invalidate the bullish bias.
Cheers
Hexa
An important confluence to note is the RSI dropping below 30, signaling oversold conditions. Historically, on this chart, every instance where RSI fell below 30 resulted in a noticeable price bounce, indicating downside exhaustion and aggressive dip-buying from this zone.
With price now revisiting this proven support while momentum is oversold, the probability of a short-term to mid-term bounce increases, provided this demand zone holds.
Key Points:
- Price at a strong, well-tested HTF support/demand zone
- RSI below 30, historically followed by bullish rebounds
- Sellers showing signs of exhaustion at key structure
We should wait for confirmation, such as bullish candle closes, momentum shift, or structure reclai,m before entering. A sustained breakdown and acceptance below the support zone would invalidate the bullish bias.
Cheers
Hexa
🚀Telegram : t.me/hexatrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
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🚀Telegram : t.me/hexatrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
🌐Website: hexatrades.io/
🗣️Twitter(X): twitter.com/HexaTrades
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.