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Ethereum: As THIS signals a bullish reversal, should you buy ETH’s dip?
The recent market downturn has led to a significant decline in Ethereum’s value, with the cryptocurrency trading at $2,141. However, amidst this turmoil, a crucial signal has emerged that could be indicative of a major turnaround.
As the weekly Stochastic RSI (Relative Strength Index) crossover in the oversold zone signals a bullish reversal, is it time to buy ETH’s dip? A closer examination of historical data suggests that similar setups have consistently led to explosive price surges in the past.
A brief look at Ethereum’s history reveals that such scenarios have preceded major pumps. In 2021, for instance, a similar setup occurred before the cryptocurrency surged to an all-time high of $4,869.47. This phenomenon has been witnessed on several occasions, including the post-election rally where ETH reclaimed the $4K mark.
With Ethereum trading at a seven-month low and displaying signs of exhaustion, it’s reasonable to assume that history could repeat itself. Furthermore, the 1D chart is currently exhibiting ‘buy-the-dip’ behavior, with investors piling into the cryptocurrency amid a significant outflow from Kraken exchange.
As a result, if the Stochastic RSI does indeed form a bullish crossover in the coming days, it could be an indication of strong breakout potential. This notion gains further credibility as the ETH/BTC pair is experiencing signs of reversal after recently dipping to a four-year low. Such a shift would indicate a potential shift in Ethereum’s relative strength against Bitcoin.
In light of these developments, investors are faced with a crucial decision: should they jump on this dip and buy Ethereum? Given the cryptocurrency’s past behavior in response to similar scenarios, it’s possible that history could repeat itself once again.
Considering the prevailing market sentiment is still volatile, any short squeeze could accelerate buying pressure, further bolstering ETH’s breakout potential.
Source: https://ambcrypto.com/ethereum-as-this-signals-a-bullish-reversal-should-you-buy-eths-dip
