While sales continued in the global crypto market, most of the cryptocurrencies in the market suffered losses of up to 20 percent. In this atmosphere, Ethereum's Relative Strength Index (RSI) data has returned to levels that it has not seen in the last 2 years.
The Relative Strength Index (RSI) is a tool used to identify local lows and highs based on the market's overbought and oversold conditions. The index shows that Ethereum has reached oversold levels that it has not seen in the last 2 years.
The index is currently below 30. The remarkable point here is that Ethereum's technical indicator last reached this level in March 2020.
Last summer, when the price of Ethereum was at $4,378, it was down more than 50 percent, with a value close to 30. After hitting an extremely low level, the RSI quickly bounced back above 50.
The strong correction in the market also shows that most assets have reached the 'overbought' level. It is also among the data that the majority of the market is selling too much and that short-term bullish movements may happen again soon.
Ethereum price, according to CoinMarketCap data, at the time of writing; $3,208.94 USD, 24-hour trading volume is $23,681,926.009 USD. Ethereum is down percent in the last 24 hours. Current CoinMarketCap rank #2, market cap of $382,062,899,509 USD. The circulating supply is 119,061,995 ETH coins and the maximum level supply does not exist.
Ethereum (ETH) Craze on Google: Increased 972 Percent!
On the same day, after the phrase “Sell Ethereum” in google searches in the UK increased by 972 percent, it was observed that the cryptocurrency fell over £300. According to analysis by Payback, the cryptocurrency has skyrocketed almost ten times the average volume in a single day as the value of the cryptocurrency plummeted to over £300 following the online interest in the sale of ETH.