Ethereum continues to follow the ascending trend line on daily chart. RSI indicator suggests there is room on the upside before ETH turns overbought. Strong support seems to have formed around $1,300, according to on-chain metrics. Ethereum climbed to a fresh record high of $1,477 at the start of the week but struggled to preserve its bullish momentum. After staging a technical correction toward $1,200, however, ETH regained its traction and seems to have gone into a consolidation phase. At the moment, Ethereum is down 2.03% on a daily basis at $1,350. Key support sits at $1,300 On the daily chart, the ascending trend line coming from late December remains intact and is currently located around $1,300. If ETH manages to hold above that line, it could renew all-time highs and target the next psychological level at $1,500. Moreover, an ascending triangle using the trend line and the static resistance at $1,400 seems to have formed on the same chart, confirming the view that a bullish breakout is likely. In the meantime, the daily Relative Strength Index (RSI) continues to float around 60, suggesting that ETH has more room on the upside before becoming technically overbought. Punctuating the significance of $1,300 support, IntoTheBlock’s In/Out of the Money Around Price (IOMAP) chart shows that nearly 10 million ETH had been bought by around 500K addresses at an average price of $1,320. On the other hand, a daily close below $1,300 could attract more sellers and drag ETH toward next static supports at $1,230 and $1,100. 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 Chainlink Price Prediction: Bullish outlook remains intact with first target at $25 FX Street 1 year Ethereum continues to follow the ascending trend line on daily chart. RSI indicator suggests there is room on the upside before ETH turns overbought. Strong support seems to have formed around $1,300, according to on-chain metrics. Ethereum climbed to a fresh record high of $1,477 at the start of the week but struggled to preserve its bullish momentum. After staging a technical correction toward $1,200, however, ETH regained its traction and seems to have gone into a consolidation phase. At the moment, Ethereum is down 2.03% on a daily basis at $1,350. Key support sits at $1,300 On the daily… 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.