Search ForexCrunch
  • The long-term RSI implies further growth ahead.
  • The short-term correction towards $170.00 ins not out of the question.

Ethereum (ETH) jumped above $170.00 and refreshed an intraday high at $174.84. At the time of writing, ETH/USD is changing hands at $171.20, with over 11% of gains since the beginning of the day and 6.5% on a day-to-day basis.

ETH/USD: Technical picture

From the technical point of view, if ETH/USD manages to settle above daily SMA200 (currently at $172.13), the upside momentum will gain traction with the next focus on $180.00 and daily SMA100 at $183.00. Considering the sharp reversal of the daily RSI, the chances are that the bullish scenario will be unfolding. 

ETH/USD daily chart

However, on the intraday charts, ETH/USD is strongly overbought with RSI pointing downwards, which means we may see a short-term correction towards $170.00 before another leg higher. If the initial support of $170.00 is broken, the sell-off may be extended towards $168.20 (the upper line of the 1-hour Bollinger Band) and $161.00 (-hour SMA200).

ETH/USD 1-hour chart