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Ethereum's market dominance reaches overbought RSI levels, potentially facing a 10-15% pullback
According to Cointelegraph, Ethereum's market dominance has reached an overbought RSI level not seen since May 2021, which historically has often been accompanied by major pullbacks. ETH/USD shows a bearish divergence on the four-hour chart, indicating a potential price correction of 10-15%.
Despite the short-term risks, some analysts believe that the pullback presents a 'buy the dip' opportunity, potentially pushing prices towards $3,500-$3,800. Ether has risen more than 50% since May, far exceeding the overall cryptocurrency market's increase of 15.25%.
Ethereum's market share has recovered strongly, pushing its daily Relative Strength Index (RSI) to the most overbought territory since May 2021, raising trader concerns about a short-term surge. Historically, extreme RSI levels of ETH.D have marked the beginning of significant pullbacks.
Despite the short-term risks, some analysts believe that the pullback presents a 'buy the dip' opportunity, potentially pushing prices towards $3,500-$3,800. Ether has risen more than 50% since May, far exceeding the overall cryptocurrency market's increase of 15.25%.
Ethereum's market share has recovered strongly, pushing its daily Relative Strength Index (RSI) to the most overbought territory since May 2021, raising trader concerns about a short-term surge. Historically, extreme RSI levels of ETH.D have marked the beginning of significant pullbacks.
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