The Relative Strength Index (RSI) is currently standing at 54. This is not yet an indication of rising bullish momentum, as we need a move above 60 to get a more conclusive “buy” signal. However, the oscillator did hit that mark in the past few days.

We are looking at fairly good odds that the market reverses its latest downtrend and a strong relief rally begins. This does not mean that this bear market is fully over, as that would depend on ETH crossing some other price thresholds, like the $3,000 level.

However, it could be an early signal that this bearish cycle is coming to an end, which could result in short-term consolidation between $2,150 and $2,800.

Heading down to the hourly chart, we got a “buy” signal from our system that indicates strong whale participation after the latest big drop.