- ETH/USD rose impressively in the second half of the week.
- Ethereum seems to have gone into a consolidation on Saturday.
- Daily RSI stays above 70, pointing out to a technical correction in near-term.
Ethereum (ETH/USD) staged an impressive rally from Wednesday and gained nearly 15% in the previous three days to touch its highest level in more than two years at $445 on Friday. With the trading action in the cryptocurrency market turning subdued on Saturday, Ethereum is consolidating its gains and was last seen losing 0.4% on the day at $437.
Ethereum technical outlook
During Thursday’s sharp upsurge, the RSI indicator on the daily chart rose above 70 and stayed there as Ethereum continued to add to its gains on Friday. In the near-term, ETH/USD could make a technical correction before trying to renew its two-year highs.
On the downside, $427 (daily low) aligns as the initial support before $400 (psychological level) and $380 (20-day SMA). Resistances are located at $445 (two-year high), $480 (July 2018 static resistance) and $500 (psychological level).
Ethereum daily chart