Ethereum Price Faces Short-Term Pullback as Momentum Stalls
The Ethereum price has been on an extraordinary run, surpassing its own Bollinger upper band and trading at $2,445.91.
This has triggered a technical reality check, with momentum flatlining and the MACD histogram printing dead zero, indicating that neither bulls nor bears have conviction.
The Relative Strength Index (RSI) is sitting at 80.25, firmly in overbought territory, while the Bollinger Band %B reading is above 1.05, meaning price has broken through the upper band.
Historically, when this happens, price returns to the middle band ($1,991), but in a trending market, overbought can persist longer without reversal.
The intraday action has seen ETH tag $2,546.78, only to be rejected and slip back to close around $2,445, indicating a failed test of resistance.