Ethereum Rare RSI Signal Suggests Potential Surge To $8,000 – Details 🚀
Ethereum (ETH) witnessed a price dip below $4,000 last week as the crypto market faced heavy liquidations, but it quickly bounced off the $3,800 region. Popular analyst Lark Davis believes a market rebound could drive Ethereum to a new all-time high. This optimism is fueled by the Relative Strength Index (RSI), which indicates potential undervaluation and accumulation possibilities.
The RSI has plunged into its most oversold zone since April, a condition previously followed by a 134% surge. Early indications suggest a similar bullish scenario, with Ethereum's RSI at 39.95. Historically, Q4 has been favorable for Ethereum, bolstering confidence in this RSI signal.
Market expert Michaël van de Poppe concurs with Davis, noting September's typical market struggles but highlighting the consistent bullish trends in Q4 and Q1. Davis estimates that Ethereum could see a 100% price gain, potentially reaching $7,000-$8,000.
Currently trading at $4,006 with a significant volume drop, Ethereum maintains its position as the second-largest cryptocurrency. Analysts point to a critical support level between $3,800 and $3,900, crucial for sustaining its bullish momentum.
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