Looking at ETH on the daily (note the oscillator is MFI). First off, last time we were this oversold on volume was July and before that April - in both instances momentum flipped to the upside and price rallied over 100% before reaching a local top. Obviously things get overbought and oversold often, but when oversold at a support zone (purple lines), especially to this extent, we've seen a strong bounce and reversal. To take the pattern analysis one step further, assuming the broad market uptrend holds (white line), ETH is not only heavily oversold but currently trading at the intersection of that trendline and its high-volume support zone of ~$3k... this looks just like July when ETH kicked off a 4-month run to a new ATH.
On the flip side it's possible we break through support downward here, which would generally invalidate the broad market bull trend.
On the flip side it's possible we break through support downward here, which would generally invalidate the broad market bull trend.