- ETH/USD went up from $237.70 to $266.56 this Thursday. Currently, the bulls have retained control.
- The price is hovering above the 20-day Bollinger Band and the RSI is trending around 90.20. Both these indicate that the asset is overpriced.
ETH/USD daily chart
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ETH/USD had heavily bullish Wednesday, wherein its price spiked from $237.70 to $266.56. Presently, the bulls have retained control over the market, pushing the price up to $269.05. The buyers will aim to break past the $271.30 resistance level and, in due time, the $275 psychological level as well. The MACD indicates increasing bullish momentum, while the Elliott Oscillator has had 16 green sessions out of the last 17.
While these indicators are definitely bullish, there are a couple more that show that the asset is presently pretty overpriced. Firstly, the price is hovering above the 20-day Bollinger Band, while the RSI is trending around 90.20, within the overbought zone. These two indicators hint at an upcoming bearish correction.
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