Ethereum has reached an oversold level not seen since March 2020.
The downward wave that started with the announcement of the Fed minutes continues. Bitcoin has lost more than 5%, while some crypto assets have lost 20%. The leading altcoin Ethereum, on the other hand, has reached an oversold level not seen since March 2020. This means that a bullish move can be seen in the short term.
The Relative Strength Index (RSI) is one of the popular tools traders use to identify local bottoms and tops. The metric was below 30 when Ethereum hit an oversold level not seen in the past two years.
While selling continues, Ethereum managed to recover a bit after making a local bottom at $3.100. Ethereum is trading at $3,228 at the time of publication.