Crypto
Ethereum Price Tests Key Resistance Zone Amid Overbought Conditions
Ethereum's price has been holding steady around $2,500 after a rapid rise of about 35% from its mid-August consolidation range.
Despite this increase, Ethereum still faces key resistance tests in the form of an ascending triangle on the 4-hour chart and a dense band of leveraged positions near $2,550.
The daily Relative Strength Index stood at 77.4, showing strong momentum but also increasing the risk of a pullback, according to crypto news.
An overbought RSI reading does not guarantee an immediate decline, but it indicates that the advance has moved quickly and leaves the price more vulnerable if buyers fail to produce a breakout.