The cryptocurrency has made more than 30% in the last 12 trading sessions, it found a pullback twice during that time but the uptrend continues, the pair is now facing strong resistance at the 50% Fibonacci retracement, if this resistance is broken and consolidated we would be looking at a trend reversal for ETHUSD
The Bollinger bands are wide and they are starting to open up, which indicates that an uptrend is expected to continue; however, the pair trades closer to the upper band, suggesting that the price is relatively high, which might present a challenge for the crypto in the short term to continue the uptrend and break the resistance level at $3,157.
The relative strength index is at 58% which would allow the pair to continue moving upwards a bit more before finding a retracement, we would have to wait and see if the price is able to complete the breakout on the resistance, in which case the general trend would switch upwards.
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