In trading on Monday, shares of the ishares Ethereum Trust ETF (Symbol: ETHA) entered into oversold territory, changing hands as low as $14.755 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.
In the case of ishares Ethereum Trust, the RSI reading has hit 29.5 — by comparison, the RSI reading for the S&P 500 is currently 76.0.
A bullish investor could look at ETHA’s 29.5 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), ETHA’s low point in its 52 week range is $13.62 per share, with $36.80 as the 52 week high point — that compares with a last trade of $15.11. ishares Ethereum Trust shares are currently trading off about 0.5% on the day.
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Further ETHA Research:
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