ICYMI: according to the RSI, Ethereum has entered the extremely oversold boundary by moving below values of 30 $ETH
In order to determine if the asset is oversold or overbought, traders use the indicator's scale with values from 0 to 100. Whenever an asset enters the indicator's zone above 70, the asset is being marked as overbought and is more likely to retrace down.
Whenever the RSI shows a value below 30, the asset is considered oversold and is more likely to retrace up once the buying pressure appears. four-hour chart, the asset has entered the extremely oversold boundary by moving below values of 30. The last time RSI reached such close values for the same asset was in May-July during the global cryptocurrency market correction which sent Ethereum below $2,000.
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