ETH/USD forecast: RSI approaching overbought territory
ETH/USD registers a fresh yearly high (2010) as it clears the opening range for April, with the recent strength in Ethereum pushing the Relative Strength Index (RSI) towards overbought territory.
ETH/USD Outlook
ETH/USD is on the cusp of testing the November 2022 high (2013) as it breaks out of the range-bound price action from earlier this week, and a move above 70 in the RSI is likely to be accompanied by a further advance in Ethereum like the price action from earlier this year.
An overbought reading in the RSI along with a break above the November 2022 high (2013) may push ETH/USD towards the former support zone around the January 2022 low (2160), with the next area of interest coming in around 2228 (50% Fibonacci extension) to 2316 (61.8% Fibonacci retracement).
However, failure to clear the November 2022 high (2013) may keep the RSI out of overbought territory, with a move below 1908 (61.8% Fibonacci retracement) raising the scope for a move towards the monthly low (1765).
--- Written by David Song, Strategist
Follow on DavidJSong
DavidJSong
ETH/USD Outlook
ETH/USD is on the cusp of testing the November 2022 high (2013) as it breaks out of the range-bound price action from earlier this week, and a move above 70 in the RSI is likely to be accompanied by a further advance in Ethereum like the price action from earlier this year.
An overbought reading in the RSI along with a break above the November 2022 high (2013) may push ETH/USD towards the former support zone around the January 2022 low (2160), with the next area of interest coming in around 2228 (50% Fibonacci extension) to 2316 (61.8% Fibonacci retracement).
However, failure to clear the November 2022 high (2013) may keep the RSI out of overbought territory, with a move below 1908 (61.8% Fibonacci retracement) raising the scope for a move towards the monthly low (1765).
--- Written by David Song, Strategist
Follow on DavidJSong
DavidJSong
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.