ETH/USD Rally Persists as RSI Holds in Overbought Territory
ETH/USD registers a fresh yearly high ($3002) as the Relative Strength Index (RSI) holds in overbought territory, but a move below 70 in the oscillator may accompany a near-term correction in Ethereum like the price action from last year.
ETH/USD Outlook
ETH/USD stages a four-week rally as it extends the advance from the start of the month, with a break/close above $3110 (78.6% Fibonacci extension) opening up the $3230 (161.8% Fibonacci extension) to $3360 (100% Fibonacci extension) region.
Next area of interest comes in around the April 2022 high ($3581), but failure to break/close above $3110 (78.6% Fibonacci extension) may pull the RSI back from overbought territory, with a breach below the $2760 (50% Fibonacci extension) to $2800 (50% Fibonacci retracement) region raising the scope for a move towards the $2550 (38.2% Fibonacci extension) to $2620 (38.2% Fibonacci extension) area.
--- Written by David Song, Strategist
ETH/USD Outlook
ETH/USD stages a four-week rally as it extends the advance from the start of the month, with a break/close above $3110 (78.6% Fibonacci extension) opening up the $3230 (161.8% Fibonacci extension) to $3360 (100% Fibonacci extension) region.
Next area of interest comes in around the April 2022 high ($3581), but failure to break/close above $3110 (78.6% Fibonacci extension) may pull the RSI back from overbought territory, with a breach below the $2760 (50% Fibonacci extension) to $2800 (50% Fibonacci retracement) region raising the scope for a move towards the $2550 (38.2% Fibonacci extension) to $2620 (38.2% Fibonacci extension) area.
--- Written by David Song, Strategist
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.