ETH Rally Hitting Technical Wall: Breakout or Bull Trap in the Next 48 Hours?
ETH has been on a remarkable run, trading above every major moving average on its daily chart. However, this rally is showing signs of exhaustion, with momentum flatlined and RSI screaming overbought at $2,393.
The asset is currently pressing against the upper Bollinger Band ceiling at $2,449, with strong resistance clusters above. A clean break above this level could put $2,490 in play, but failure to do so would trigger a swift flush towards lower support levels.
Top traders and institutional desks are running a 59.4% long bias, bullish but meaningfully less levered to the upside than the crowd. The derivatives market is telling a nuanced story that separates the tourists from the traders.
The next 48 hours will define whether this correction is a healthy reload or the beginning of a more meaningful mean reversion.