RSI is a momentum indicator used by traders to assess whether a market is in an overbought or oversold condition, aiding in their decision to buy or sell an asset.
When RSI readings are above 50 and the trend is upward, it suggests that bulls maintain an advantage, whereas readings below 50 imply the opposite.
Currently, the RSI is rising and sits above 50, both considered indications of a bullish trend. Although the indicator is in overbought territory, there are no signs of a bearish divergence that might trigger a decline.
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BluntzCapital believes that the Elliott Wave count is bullish, and the price has begun a new upward movement. He suggests that while an initial retracement is possible, the ETH price will eventually rally well above $2,000.
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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.