$ETH

Ethereum (ETH) Rebounds with Strong Demand as Whales Target $2,900

Ethereum (ETH) has shown signs of recovery after the sharp decline caused by the Bybit hack, which weighed on its price. Despite this rebound, ETH is still down by around 18% over the past 30 days, reflecting continued volatility.

It is worth noting that ETH’s Relative Strength Index (RSI) has risen to 58.6 from a low of 39.2 during the selloff, indicating renewed buying pressure. This recovery in the RSI suggests that market sentiment is gradually improving, which could pave the way for further price gains if the momentum continues.

ETH’s RSI Recovers from Recent Decline

The RSI for ETH is currently at 58.6, a notable increase from the 39.2 level it reached after the Bybit breakout significantly impacted its price.

The recovery in the RSI reflects the buying momentum that ETH has gained since the sharp decline.

This upward move in the RSI suggests that buying pressure has returned, helping Ethereum’s price stabilize and potentially paving the way for further price gains if the momentum continues.