ETH/USD breaks out of the range bound price action from last week to keep the Relative Strength Index (RSI) in overbought territory.
ETH/USD Outlook
ETH/USD extends the series of higher highs and lows from earlier this week to register a fresh yearly high ($3473), and the rally may persist as long as the RSI holds above 70.
A breach above the April 2022 high ($3581) opens up the $3890 (23.6% Fibonacci retracement) region, which largely aligns with the January 2022 high ($3892), with the net area of interest coming in around $4100 (161.8% Fibonacci extension).
However, failure to test the April 2022 high ($3581) may pull the RSI back from overbought territory, with a close below the $3230 (161.8% Fibonacci extension) to $3360 (100% Fibonacci extension) area bringing $3110 (78.6% Fibonacci extension) on the radar.
--- Written by David Song, Strategist
ETH/USD Outlook
ETH/USD extends the series of higher highs and lows from earlier this week to register a fresh yearly high ($3473), and the rally may persist as long as the RSI holds above 70.
A breach above the April 2022 high ($3581) opens up the $3890 (23.6% Fibonacci retracement) region, which largely aligns with the January 2022 high ($3892), with the net area of interest coming in around $4100 (161.8% Fibonacci extension).
However, failure to test the April 2022 high ($3581) may pull the RSI back from overbought territory, with a close below the $3230 (161.8% Fibonacci extension) to $3360 (100% Fibonacci extension) area bringing $3110 (78.6% Fibonacci extension) on the radar.
--- Written by David Song, Strategist