Below is the ETHUSDT analysis on the 1h timeframe (I'm quite bullish on it):
🔍 1. RSI hit the deep oversold zone
RSI = 26.25, has entered the strong oversold area.
In the past, each time the RSI fell below 30 on the H1 timeframe, it often led to a short-term bounce, even during a downtrend.
➡️ Bullish factor #1: Price may bounce back from the short-term bottom due to the oversold RSI.
🟦 2. Candle structure at the bottom: buying pressure appears
The last two candles have long lower wicks ➜ a sign that the buyers are catching the bottom around the 2,490–2,500 area.
A reversal pattern like Piercing Line or bullish engulfing candle may be forming (not confirmed yet).
➡️ Bullish factor #2: Demand is starting to appear more clearly in this area.
📉 3. MACD indicates the possibility of "decreasing downward momentum"
MACD is still below the signal line, but the red histogram is starting to narrow, signaling that the downward momentum is weakening.
If the histogram continues to shrink and MACD curves up, we may have a bullish cross in the next few hours.
➡️ Bullish factor #3: Selling momentum is running out.
📌 The current price level coincides with a strong support zone
Price is fluctuating in the 2,500 – 2,520 range, which is a support level that was previously broken and may now act as a retest to bounce back.
This area was also the sideways zone before ETH pumped strongly before.
➡️ Bullish factor #4: Could be an accumulation zone for recovery.
📈 Short-term bullish scenario
❗Note: This is not a trend reversal confirmation, but a technical bullish bounce in a downtrend.
