Shares of IETH Now Oversold
In trading on Friday, shares of the Bitwise Ethereum Option Income Strategy ETF (Symbol: IETH) entered into oversold territory, changing hands as low as $17.02 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 Bitwise Ethereum Option Income Strategy, the RSI reading has hit 29.8 — by comparison, the RSI reading for the S&P 500 is currently 53.9. A bullish investor could look at IETH's 29.8 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), IETH's low point in its 52 week range is $16.2177 per share, with $53.3246 as the 52 week high point — that compares with a last trade of $17.11. Bitwise Ethereum Option Income Strategy shares are currently trading off about 0.8% on the day.
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