Ethereum RSI Hits Historic Low: Is the Upcoming Pectra Upgrade the Key to a Price Rebound?

According to COINOTAG News on February 11th, Matrixport’s latest chart analysis indicates that Ethereum’s Relative Strength Index (RSI) has plummeted to unprecedented lows, nearing the critical oversold territory. Historically, such a dip hints at a potential price rebound for ETH following a significant correction. Alongside this, the impending Pectra upgrade slated for March 2025 is projected to vastly enhance Ethereum’s scalability, efficiency, and overall user experience by consolidating the previously intended Prague and Electra versions into one robust update. As the market anticipates multiple testnet announcements leading up to the upgrade, this may foster a positive market sentiment, possibly acting as a bullish catalyst. Despite Ethereum’s tendency to experience a “sell the news” phenomenon post-upgrade, the current oversold conditions could indeed provide a unique opportunity for an ETH recovery.