Ethereum Price Key Highlights
- Ethereum price is slowly trending higher on its 1-hour chart, after having completed a pullback bounce and resuming its trend.
- Price is moving inside a short-term rising channel and is currently testing the resistance near the 0.00300 major psychological mark.
Ethereum price could be due for a selloff back to the channel support before the ongoing climb resumes.
Buyers Need a Break
Technical indicators seem to be suggesting that the recent rally is overdone, with stochastic already turning down from the overbought zone and indicating a return in bearish pressure. RSI is still moving up but is closing in on the overbought area, adding confirmation that buyers need to take a break soon.
However, the 100 SMA is still above the 200 SMA, which means that the path of least resistance is to the upside. Ethereum price could still test the channel support at 0.00260-0.00270 if profit-taking happens around the current levels.
Ethereum price could also draw support from the moving averages, which have held as a dynamic support level in the