Ethereum In Oversold Territory As Weekly RSI At Its Lowest Point Since 2018, Is Some Relief Coming?

Ethereum Weekly RSI Is At Its Lowest Point Since 2018.

The crypto market is bleeding, and even top coins like ETH are no exception. It appears that the bears have been very persistent over the last few days. Merely a week ago, ETH was trading at just over $1,900. Today, crypto is valued at around $1,325 (as of the time of this writing). Things don’t seem to be going well for the entire market.

Lowest RSI In Almost 4 Years

Meanwhile, ETH is experiencing a big decrease in its market standings as well as growing pains among investors.

In fact, a Twitter update by a popular crypto trader and analyst shows that the coin’s RSI (Relative Strength Index) has decreased to the lowest point since December 2018. The referenced point in late 2018 marked the bottom of the previous bear cycle. If the RSI drops below that level, it will be ETH’s lowest RSI point ever.

$ETH weekly RSI hitting the lowest point since December 2018, the bottom of the previous bear.$BTC weekly RSI hitting the equal level as in December 2018 and October 2014 and January 2015.

Yet, the majority want to short.

— Michaël van de Poppe (@CryptoMichNL) June 12, 2022

The coin has spent a bloody weekend, and it’s not clear whether the downward movement will be halted in the course of the week. On the other hand, there have been numerous claims that the entire market is entering a new crypto winter. That’s not good news for ETH at this point.

According to Poppe majority still wants to short but weekly RSI hitting at the lowest point, which might bring some relief rally for the world’s second top coin in the coming days as ETH weekly RSI enters the oversold territory after 2018.

ETH Addresses In Loss

According to a report by Glassnode, the number of ETH addresses current in the loss zone has reached around 36.7 million. This is the highest number ever.

? #Ethereum $ETH Number of Addresses in Loss (7d MA) just reached an ATH of 36,734,355.845

View metric:https://t.co/eTr2V1rqmQ pic.twitter.com/QxCdfeR0fv

— glassnode alerts (@glassnodealerts) June 13, 2022

Bearish Prediction: Peter Schiff says ETH To Drop To $1k

As ETH price drops to weekly lows and the entire market gives in to the bears, anti-crypto characters are happy to let everyone know that Gold is a better investment.

One of these people is Peter Schiff who owns a gold-selling and custodial business. In a tweet, Peter claims that the ETH price could drop all the way to $1,000 and that the entire crypto market will soon lose $800 billion in market cap. He went on to advise people not to buy the dip.

This could be a rough weekend for #crypto. #Bitcoin looks poised to crash to $20K and #Ethereum to $1K. If so, the entire market cap of nearly 20K digital tokens would sink below $800 billion, from nearly $3 trillion at its peak. Don’t buy this dip. You’ll lose a lot more money.

— Peter Schiff (@PeterSchiff) June 11, 2022

However, Peter Schiff and other anti-crypto entities like Warren Buffet have been strongly opposed to crypto investments for years. They don’t seem to soften their stand even when the prices soar.

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