Major cryptocurrencies look to end week on a strong note. $290 area aligns as a criticial resistance for Ethereum. Daily RSI approaches the overbought territory on Sunday. Boosted by the positive mood surrounding the major cryptocurrencies, Ethereum easily erased the losses it suffered on Saturday and preserved its bullish momentum to climb above $270. As of writing, the ETH/USD pair was up 4.1% on the day at $273. Technical outlook Ethereum failed to break above the $290 resistance (February 14, February 15, February 19 high) several times earlier in the month and fell toward $250 to form a horizontal trading channel. Although the pair continues to trade above the 20-day, 50-day, 100-day and 200-day SMAs, which are all pointing north, the Relative Strength Index (RSI) on the daily chart is close to reaching the overbought territory. However, considering the fact that Ethereum continued to climb higher during the first two weeks of the month despite the RSI staying above the 70 mark, suggests that the bullish momentum could remain intact even if the RSI shows overbought conditions. Above $290, Ethereum could target $300 (psychological level). On the downside, Fibonacci 23.6% retracement of the January-mid-February rally at $250 aligns as the first support level. The 50-day SMA is also floating near that level to strengthen this area. $225 (Fibonacci 38.2% retracement of the same rally) could be seen as the next support. Daily chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD Forecast February 24-28 – Aussie Slides to 11-Year Low After Weak Job Numbers Kenny Fisher 2 years Major cryptocurrencies look to end week on a strong note. $290 area aligns as a criticial resistance for Ethereum. Daily RSI approaches the overbought territory on Sunday. Boosted by the positive mood surrounding the major cryptocurrencies, Ethereum easily erased the losses it suffered on Saturday and preserved its bullish momentum to climb above $270. As of writing, the ETH/USD pair was up 4.1% on the day at $273. Technical outlook Ethereum failed to break above the $290 resistance (February 14, February 15, February 19 high) several times earlier in the month and fell toward $250 to form a horizontal trading… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.