Ethereum price has managed to break above $215 today for the first time since November, 2018, securing an 8.09% gain. With the altcoin rally now underway, let’s take a look and see how likely the number two cryptocurrency will stay at this new psychological level during the rest of the week.
Ethereum Price Daily Chart
On the 1-day ETH/USD chart we can see that the asset is extending its meteoric rise towards the 0.786 fibonacci level at $218.59, after rejecting a bearish rising wedge reversal pattern.
At the time of writing Ethereum price is 00, with bullish traders working hard to defend the $205 support.
On the RSI, ETH has now entered into the overbought region above the 70% mark as bullish momentum continues to climb. This could place some selling pressure on the uptrend and slow Ethereum’s ascent to the next retracement level.
Despite this however, momentum on the MACD still appears to remain favorably bullish with the 12-MA bifurcating further away from the 26-MA, and buying volume showing increased strength on the…