Ethereum reached a new low level in almost three months. The cryptocurrency has been on a downtrend for a while now, the price appears to be bouncing, and it's up 7.14% in the current session.
The pair found a good support level at $1,700 and currently trades for $2,186, more than a 20% difference. The relative strength index came short of entering an oversold status. The current RSI is at 39% and climbing as the price increases.
The Bollinger bands are not very wide, but the price was trading below the lower band, suggesting that the price was relatively low. Traders started reacting and buying the asset at what they thought was a good entry point.
The price broke a strong resistance point on the downtrend at $2,186 and plunged just a few sessions after; this will now be our support level. If the price is not able to break it, we will see the price drop once again; in the other case, it could go up to the $2,350 levels in the short term.
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