Ethereum Price Technical Analysis – ETH Overbought, Caution Ahead

Key Highlights

  • ETH price moved further higher against the US Dollar during the past 24 hours and created a new high.
  • Yesterday’s highlighted bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD acted as a perfect buy area and produced a bounce.
  • The price is now in the overbought area, and may correct lower in the near term.

Ethereum price surge is impressive against the US Dollar, but the traders need to be careful now as there is a chance of a correction.

Ethereum Price Surge

Ethereum price continued to impress, as it registered solid gains not only against the US dollar, but also against Bitcoin. There was a move above the $14.00 handle, which is a sign that the price is an uptrend. My yesterday’s idea of buying ETH worked once again. There was a bullish trend line on the hourly chart (data feed via SimpleFX) of ETH/USD, which played well and acted as a buy zone.

The price recently traded as high as $14.25, and currently correcting lower. I think there is a chance of an extension of the current correction mode. The main reason for this is because the price is an overbought region. On the downside, there

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