Ethereum continues to advance and has just climbed past the closest resistance level at the 38.2% Fib. Price could test the next inflection point at the 50% Fib then the 61.8% level closer to a descending trend line.
This also happens to line up with a former support and potential resistance at the $250 level. Note that the 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside or that the selloff is more likely to resume than to reverse. Then again, the gap between the two is narrowing to signal a possible return in bullish momentum.
In that case, Ethereum might be able to push past these resistance levels and aim for the swing high around $300 next. However, RSI is already indicating overbought conditions and is turning lower to signal a return in selling pressure. Stochastic also looks ready to head south after a few days’ stay in the overbought zone, signaling a return in selling pressure also. If so,
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