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The price of Ethereum was Faced with significant drop pressure In recent days, with cryptocurrency, I even dive below the $ 2,000 bar for the first time since December 2023. The accident below $ 2,000 has done more harm already in decline Haussier feeling, and the next prospect is whether there will be more incoming drops or if the Altcoin Leader is already approaching a background.
In particular, an interesting signal of a probable result was revealed through the Table of Term Ethereum CME contracts, where the monthly relative force index (RSI) has just reached its lowest level ever recorded, exceeding the readings of the 2022 bear market.
Ethereum monthly RSI falls below 2022 levels
Crypto Tony analyst “The Bull” Severino highlighted a Significant development in the technical indicators of Ethereum, stressing that the index of relative monthly force of the cryptocurrency (RSI) on the graph in term CME has now fell to its lowest level ever recorded.
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This drop pushed the RSI under the bottom of the 2022 bear market, a period which saw Ethereum reaching multi -year stockings before finally organizing a recovery. Severino shared this observation in a detailed technical analysis article on the X social media platform, using the monthly graph of the Futures chronometer of Ethereum.
The analyst noted that although this decrease suggests a strong sales dynamics, it could also form a Hidden divergence. Indeed, the last time that RSI d’Ethereum fell to such extreme stockings, he finally found his place around $ 900 and embarked on an upward trend of prices that followed. This previous performance raises the possibility of Ethereum approaching a backgroundDespite its current momentum. Ethereum may now have found a foot of around $ 1,900 and is now preparing for another assembly in the coming months.
However, Severino has remained cautious about the situation, declaring that reading could also mean that the sales pressure is the strongest and could continue to reduce Ethereum lower in occurrence conditions. Interestingly, he also clearly indicated that despite the reversal potential, he is currently looking more towards a downward perspective on Ethereum.
The stochastic indicator points to a deeper lower phase
Beyond the RSI levels, another key indicator that Severino has highlighted is the stochastic oscillator for a month of Ethereum, which has now fallen below the brand 50. a previous analysis, He noted that the fall of Ethereum below the brand 50 is characteristic of a bear territory. However, it generally does not find a background as long as the stochastic indicator reaches below 20 and is in Conditions of extreme occurrence.
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As shown in the graph below, past trends indicate that when the stochastic oscillator of Ethereum enters the territory of the bear market, it often takes months before the asset stabilizes and begins a strong recovery.
At the time of writing this document, Ethereum is negotiated at $ 1,920, having recently reached a hollow of $ 1,851 in the last 24 hours.
Felash star image, tradingView.com graphic
