Ethereum (ETH) breaks above $150 and hits DMA200


Ethereum smashed several resistance levels and hit $154.00 handle in a matter of minutes. The second largest cryptocurrency is changing hands at $151.36 with the strong upside momentum. 

The momentum might be created by a combination of technical and speculative factors as no fundamental reason for the strong movement is readily available. A sustainable move above $148.00 served as a catalyst and sent the price to the new highs.

A strong resistance is created by DMA200 currently at $153.90. This area is likely to stop the upside for the time being. the RSI both on a daily chart and the intraday timeframes points upwards, which means that the upside potential is not exhausted, however, the indicator has entered an overbought territory. It means that the coin might be ripe for a correction.

ETH/USD, 15 min chart

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