The cryptocurrency managed to break the support level found at our 23.6% Fibonacci retracement, and it's considered a support because the general trend continues to be downwards. However, Ethereum is showing some response, and this could change soon.
If the short-term uptrend continues, the price could potentially reach $2,720, which is our next support level at the 38.2% retracement.
The Bollinger bands are opening up, and this will allow the pair to continue moving up; however, the price trades close to the upper band, and some investors might consider that the price is relatively high.
The relative strength index is at 55%, a level not seen since May 16th. The RSI will continue to move up with the price. At this level, there is still more room for the price to continue moving up. The price could test the support to consolidate the breakout.
Our parabolic SAR indicator suggests that the uptrend will continue. The general trend continues to be downwards as the short and long-term moving averages are moving down, and we have not seen them cross in more than a month.
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