ETH Soars 12% Weekly as Bulls Start Looking at $3K (Ethereum Price Analysis)
Ethereum’s price has been rallying aggressively over the past few days. Yet, the market is approaching a strong resistance level that could determine the mid-term fate of ETH.
Technical Analysis
By TradingRage
The Daily Chart
On the daily chart, the price has been rallying since a rebound from the $2,200 zone. The $2,400 resistance level has also been broken with ease.
Currently, ETH is climbing toward the $2,700 resistance level and the higher boundary of the large ascending channel. However, the Relative Strength Index has also been rising, entering the overbought region. This might trigger a possible pullback or reversal as the price reaches the $2,700 resistance level.
The 4-Hour Chart
Looking at the 4-hour chart, the recent rally becomes much more clear. The price is approaching the $2,700 resistance level almost vertically.
This highly bullish momentum is also supported by the Relative Strength Index, which is above the 70% level. Yet, with the RSI being oversold on the daily and the 4-hour charts, the probability of a correction after testing the $2,700 level is significant.
