Ethereum Price Key Highlights
- Ethereum price retreated from its recent rally upon hitting a high of 0.00294 but might be ready to resume its climb soon.
- Price has pulled back to the moving averages, which might hold as dynamic support areas, and could gather more bullish momentum.
Ethereum price is taking a break from its uptrend but might be due to head north again, if the near-term inflection points hold as support.
Technical indicators seem to be suggesting that the ethereum price correction is already over, as stochastic made it out of the oversold region and is heading north. RSI is also pointing up, hinting at a pickup in buying pressure.
In that case, ethereum price could climb all the way back up to the previous highs at 0.00294 and beyond. A strong rally could take it past the 0.00300 psychological barrier, possibly yielding gains until 0.00350 next.
If ethereum price is still in correction mode, it could still make a larger retracement to the 38.2% Fib at 0.00270 or to the 50% level