ETH Breaks Resistance Level At 242.85

ETHUSD CHART PRICE – ETHUSD DAILY

For the first time in 7 days ETH trades above 242, it had an excellent trading session yesterday and made over 4% in just one day, however, we see that the price started to drop at the beginning of the current trading session, as we established before Ethereum has found it very hard to break and hold its price above 242, and we see that the RSI is starting to fall from 60 to 58%, traders might start to consider this pair as overbought and start placing short trades and closing opened long trades they had, of course, this would drive the price down below its resistance level, at this point we could place a short trade expecting the price to fall all the way to its support at 213.72, it might not make it all the way there but we see this going at least to the 220’s levels, Bollinger bands are wide and even if the price is trading on top of the Ichimoku cloud, we find it very hard for ETH to continue climbing.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.