ເຄື່ອງໝາຍເດີມຂອງ Ethereum Ether (ETH) entered its “oversold” territory this June 12, for the first time since November 2018, according to its weekly relative strength index (RSI).
ນີ້ແມ່ນຄັ້ງສຸດທ້າຍ $ ETH ຂາຍເກີນອາທິດ (ຍັງບໍ່ທັນໄດ້ຢືນຢັນເທື່ອ).
ຂ້ອຍບໍ່ມີຜູ້ຕິດຕາມ, ແຕ່ລຸ່ມມະຫາພາກໄດ້ຫມາຍໃສ່ມັນ.
ຫມາຍເຫດ, ທ່ານສາມາດກົດດັນໃຫ້ຕ່ໍາລົງໃນ rsi ປະຈໍາອາທິດ, ບໍ່ໄດ້ພະຍາຍາມຈັບລຸ່ມ. https://t.co/kLCynTKTcS
- Wolf ຂອງຖະຫນົນທັງຫມົດ (@scottmelker) ມິຖຸນາ 12, 2022
ETH eyes oversold bounce
Traditional analysts consider an asset to be excessively sold after its RSI reading fall below 30. Furthermore, they also see the drop as an opportunity to “ຊື້ຈຸ່ມ,” believing an oversold signal would lead to a trend reversal.
Ether’s previous oversold reading appeared in the week ending on Nov. 12, 2018, which preceded a roughly 400% price rally, ເປັນຮູບຂ້າງລຸ່ມນີ້.
While past performances are not indicators of future trends, the latest RSI’s move below 30 raises the possibility of Ether undergoing a similar—if not an equally sharp—upside retracement in the future.
Suppose ETH logs an oversold bounce. Then, the ETH/USD pair’s immediate challenge would be to reclaim its 200-week exponential moving average (200-week EMA; the blue wave) near $1,620 as its support.
If it does, bulls could eye an extended upside move towards the 50-week EMA (the red wave) above $2,700, up almost 100% from today’s price.
If not, Ether could resume its downtrend, with $1,120 serving as the next target, a level coinciding with the token’s 0.782 Fib line, as shown in the chart below.
Macro headwinds and a $650 Ether price target
The RSI-based bullish outlook appears against a flurry of bearish headwinds, ranging from persistently ອັດຕາເງິນເຟີ້ສູງຂຶ້ນ to a classic technical indicator with a downward bias.
In detail, Ether’s price decline by more than 20% in the last six days, with most losses coming after June 10, when the U.S. Labour Department ລາຍງານ that the inflation reached 8.6% in May, the highest since December 1981.
ທີ່ກ່ຽວຂ້ອງ: ມູນຄ່າຕະຫຼາດ crypto ທັງຫມົດຫຼຸດລົງພາຍໃຕ້ $ 1.2T, ແຕ່ຂໍ້ມູນສະແດງໃຫ້ເຫັນວ່າພໍ່ຄ້າມີແນວໂນ້ມທີ່ຈະຂາຍຫນ້ອຍລົງ
The higher consumer price index (CPI) strengthened fears among investors that it would force the Federal Reserve to hike interest rates more aggressively while slashing its $9 trillion balance sheet. That dampened appetite for riskier assets, hurting ຮຸ້ນ, Bitcoin (BTC) and ETH.
Independent analyst Vince Prince fears the latest ETH decline could extend until the price reaches $650. At the core of his downside target is a massive “head and shoulders” — a classic bearish reversal pattern with an 85% success rate in meeting its profit target, according to Samurai Trading Academy.
The massive head-and-shoulder formation forecasted earlier for # ອີເທີ has now been completely confirmed…
... $ ETH is now headed towards the $650 USDT area!!! pic.twitter.com/R2KaqiorEd
— Vince Prince (@Vince_Prince_) ມິຖຸນາ 12, 2022
Meanwhile, Glassnode’s lead on-chain analyst, known by the pseudonym “Checkmate,” highlighted a potential DeFi disaster that could crash Ether’s price further into 2022.
The analyst noted that the ratio between Ethereum’s and the top three stablecoins’ market capitalization grew to 80% on June 11.
ອັດຕາສ່ວນໃນປັດຈຸບັນຢູ່ທີ່ 80%
ມູນຄ່າຕະຫຼາດຂອງ:# ອີເທີ = $181.58B
Top 3 Stablecoins = $144.28B
TVL ໃນ DeFi = $101.67B$ ETH ຢູ່ທີ່ $ 1215 ເຮັດໃຫ້ Ethereum ເທົ່າທຽມກັນແລະສູງສຸດ 3 Stablecoin ຫມວກຕະຫຼາດ.ຫຼັກການຄວາມສ່ຽງຢູ່ທີ່ນີ້ແມ່ນ levered $ ETH ຫຼັກຊັບຄໍ້າປະກັນໃນເງິນກູ້ DeFi ໄດ້ຮັບການຊໍາລະໃນ cascade https://t.co/26u0vXnMMY pic.twitter.com/q555clRaap
— _Checkɱate ⚡ (@_Checkmatey_) ມິຖຸນາ 12, 2022
Since “most people borrow stablecoins” by providing ETH as collateral, the potential of the Ethereum network becoming less valuable than the top dollar-pegged tokens would make the debt’s value higher than the collateral itself.
ເພື່ອນຮ່ວມເພດ ສັງເກດເຫັນ:
“There is nuance as not all stablecoins are borrowed, and also not all are ON ethereum. But nevertheless, the risk of liquidations [is] a hell of a lot higher than it was three months ago.”
ຄວາມຄິດເຫັນແລະຄວາມຄິດເຫັນທີ່ສະແດງຢູ່ນີ້ແມ່ນພຽງແຕ່ຂອງຜູ້ຂຽນແລະບໍ່ ຈຳ ເປັນຕ້ອງສະທ້ອນເຖິງທັດສະນະຂອງ Cointelegraph.com. ທຸກໆການລົງທືນແລະການເຄື່ອນໄຫວການຄ້າແມ່ນກ່ຽວຂ້ອງກັບຄວາມສ່ຽງ, ທ່ານຄວນ ດຳ ເນີນການຄົ້ນຄ້ວາຂອງທ່ານເອງເມື່ອຕັດສິນໃຈ.
Source: https://cointelegraph.com/news/ethereum-price-enters-oversold-zone-for-the-first-time-since-november-2018