The daily RSI for ETH/USDT on Binance plunged to 13.29 late on July 22, setting a record low since the pair was listed. The reading is even lower than the level during the June 2022 Terra/LUNA collapse that triggered a chain of liquidations and pushed ETH briefly below $880.
RSI below 30 signals oversold conditions, and below 20 indicates extreme fear. A reading of 13.29 means selling pressure has been compressed to near-zero margin. The previous all-time low was around 14.5 during the 2022 LUNA crisis.
Bitcoin RSI Also Approaches Historic Extremes
BTC/USDT daily RSI hit 15.41 in tandem, a similarly severe level:
- Lower than the 16.15 during the October 11, 2025 crash
- Comparable to the March 12, 2020 Black Thursday crash (BTC fell from $8,000 to $3,800) which saw RSI around 15.5
- Only above the November 2018 low of about 14.2
November 2018 saw BTC slide from $6,000 to $3,200 in one of crypto's longest capitulation episodes. The current RSI proximity to that level underlines extreme short-term selling intensity.
Historically, such extreme RSI readings have often preceded technical bounces. However, the strength and sustainability of any rebound depend on macro conditions and capital inflows — RSI measures fear but cannot predict when fear ends.
The ongoing sell-off is driven by a mix of macro headwinds: stronger-than-expected U.S. nonfarm payrolls data spurred tightening expectations, weighing on risk assets globally. BTC briefly broke below $60,000, with over $1.5 billion in liquidations across the market in 24 hours. ETH bottomed near $1,600, crushing long positions.
Traders caution that extreme RSI does not guarantee an immediate bottom. In June 2022, ETH also showed oversold signals before continuing lower, only bottoming after the FTX crash in November. The current environment warrants vigilance for a 'dead cat bounce' followed by a retest of lows.