3 min readETHEREUM (ETH/USD):
ETH appears to remain confined within the daily range shown below. Currently, it’s trading just below an internal resistance zone near $2,700. If the price can break above this level, I’d be keen to see how it responds to the 50% level on the Fibonacci tool.
Looking more closely at the technicals, we can see that the price briefly broke out above the internal descending trend line and now appears to be retesting it. If the trend line fails to hold as support and the price doesn’t continue to rise, I’ll be watching how it performs in the lower support areas around $2,400. The RSI indicator doesn’t currently suggest that the price is overbought.
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