Analyst: ETH is expected to rebound from oversold levels to $3,000
LMAX strategist Joel Kruger said in a report on Tuesday: "ETH appears to be trying to build some bullish momentum and may eventually rebound above $3,000. Sentiment towards the world's second-largest crypto asset is rising again as many medium- and long-term players step in to take advantage of the recent decline."
Separately, cryptocurrency analysis firm 10x Research pointed out in a report that Ethereum's relative strength index (RSI) (a key technical indicator for measuring momentum) fell to around 35%, which foreshadowed several previous rebounds from similar oversold levels. Analysts at 10x Research said that Ethereum is currently struggling with a key resistance level around $2,650, and after breaking through, the price may climb to the next resistance level of around $3,000.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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