- Ethereum price presents a 37% YTD increase, nearly equal to Bitcoin’s.
- ETH’s upside might stretch toward $1,820, though a continued deterioration in the momentum metric would make this a top sign.
- Flipping $1,820 into reliable support and a higher high from the Relative Strength Index would see ETH canceling the bearish tale.
Ethereum (ETH) has presented an exponential surge within the past three weeks. While lower timeframes noted some bearish signals, bulls maintained the lead. Now, ETH has painted another sell signal on the 12hr chart, which predicts an impending trend exhaustion action.
ETH Price and Current Status of Things
Ethereum has seen its price up by 37% since this year started, wavering near $1,650 during this writing. The massive upswing formed two higher peaks on 13 and 20 January. The RSI (Relative Strength Index) has created a lower low beneath the overbought region.
The non-conformity brought a bearish divergence and confirmed a waning momentum, which might catalyze trend reversals in the bears’ favor. While the hypothetical picture would be retracements from ETH’s price, because of the equal highs at around $1,650, there could be a liquidity move, which might welcome a 3rd higher high.
In such cases, bulls can trigger comebacks by ensuring a higher high from the momentum indicator. If ETH buyers fail to produce such a move, market participants should prepare for trend reversals. The region bears need to capture the $1,568 high timeframe foothold to create considerable pressure against buyers.
Flipping $1,568 into resistance will see sellers intensifying their actions, driving ETH prices to $1,417 before further dips to navigate the support floors at $1,331 and $1,228.
What Bulls Need to Repair
As discussed, Ethereum is likely to launch another upside move and print a possible local top near the $1,850 territory. In the journey to gather liquidity resting beyond $1,650, Ether bulls should ensure a move that pushes the Relative Strength Index to form another higher peak within the overbought area.
Success would see ETH flipping the hurdle at $1,820 into support. That will cancel the bearish case if the RSI backs its upswing. Meanwhile, that can push Ethereum to retest the psychological zone at $2,000.
