3 min readETHEREUM (ETH/USD):
As noted in my previous articles, ETH continues to lag in price action volatility. It is currently trading just above $2,600. A closer look at the technicals reveals the formation of a pennant pattern, with the price currently being rejected by an internal descending trend line.
If price continues to move higher, I’ll be watching how it reacts within discounted trading zones, such as the 50% level on the Fibonacci tool, based on the previous bearish leg. There’s also some internal resistance identified between $2,700 and $2,800. At the moment, there are no signs from the RSI indicator suggesting that this move is overbought.
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