ETH/USD on Cusp of Testing August High
ETH/USD is on the cusp of testing the August high ($1878) as it trades back above the 50-Day SMA ($1630).
ETH/USD Outlook
ETH/USD climbs to a fresh monthly high ($1854) as it extends the recent series of higher highs and lows, with the rally in Ethereum pushing the Relative Strength Index (RSI) up against overbought territory.
A move above 70 in the RSI is likely to be accompanied by a further advance in ETH/USD like the price action from earlier this year, with a break/close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) opening up the July high ($2029).
However, failure to test the August high ($1878) may keep the RSI out of overbought territory, with a move below $1699 (38.2% Fibonacci retracement) bringing $1623 (78.6% Fibonacci retracement) back on the radar.
ETH/USD Outlook
ETH/USD climbs to a fresh monthly high ($1854) as it extends the recent series of higher highs and lows, with the rally in Ethereum pushing the Relative Strength Index (RSI) up against overbought territory.
A move above 70 in the RSI is likely to be accompanied by a further advance in ETH/USD like the price action from earlier this year, with a break/close above the $1865 (23.6% Fibonacci retracement) to $1908 (61.8% Fibonacci extension) opening up the July high ($2029).
However, failure to test the August high ($1878) may keep the RSI out of overbought territory, with a move below $1699 (38.2% Fibonacci retracement) bringing $1623 (78.6% Fibonacci retracement) back on the radar.
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