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FxNews — Ethereum‘s uptrend is momentarily on pause. The bulls recently peaked at $2,135, matching the April high. Notably, the RSI indicator has lingered in the overbought zone for some time. Despite this strong upward momentum, analysts at FxNews anticipate a correction in Ethereum’s price. The focus is on the 23.6% Fibonacci level for potential declines. Notably, the $1,990 area could offer an attractive entry point for buyers. This might inject new momentum into the bullish trend.
ETH Price On Pause
Ethereum Technical Analysis – ETH Price On Pause – Daily Chart
For a closer look, let’s zoom into the 4-hour chart. It provides a clearer view of ETHUSD’s price dynamics. The pair must first break out of the bullish flag for a bearish shift to take hold. As long as the price stays within this flag, the overall outlook for Ethereum remains positive.
Ethereum Technical Analysis – ETH Price On Pause – 4H Chart
However, caution is advised for new long positions. The market has already witnessed significant buying activity, indicating potential over-saturation.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
