Grayscale Ethereum Trust ETF Shows Signs of Being Oversold
On Monday, shares of the Grayscale Ethereum Trust ETF (Symbol: ETHE) fell into oversold territory, trading as low as $15.74 per share. We determine oversold conditions using the Relative Strength Index (RSI), a technical analysis tool that gauges momentum on a scale from zero to 100. An asset is classified as oversold if its RSI drops below 30.
For Grayscale Ethereum Trust, the RSI currently sits at 29.2, in contrast to the S&P 500’s RSI of 39.4. This lower reading could signal to bullish investors that the recent wave of selling may be losing steam, prompting them to consider potential buying opportunities.
Reviewing the one-year performance chart, we see that ETHE’s low for the 52-week range is $15.09 per share, while the high reached $36.1575. As of the last transaction, ETHE was priced at $15.87, reflecting a decline of about 2.1% on the day.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
