ETH Traders Eye Potential Breakout to $3-3.2k

ETH traders are eyeing a potential breakout to $3-3.2k after a month of consolidation, according to trader @Pentosh1.

The price of ETH is currently testing its upper Bollinger resistance at $2538.06, with an RSI(14) reading of 71.07 indicating overbought conditions.

However, the MACD(12,26) holds a bullish golden cross at 11.11, and EMA50 and EMA200 are acting as concrete support, suggesting a healthy retracement to the 50-EMA before continuation is probable.

This potential breakout is in line with selective setups on majors amid varied market structures.