Ethereum's Price Rally Hits the Brakes at $2,550

Ethereum's price rally has reached a boiling point as it approaches the $2,550 resistance level. The cryptocurrency gained roughly 30% over seven days, reaching a new seven-month high above $2,500.

The daily relative strength index (RSI) has risen to 79.12, placing ETH firmly in overbought territory. This suggests that buyers may need fresh demand to carry the price through the concentrated liquidity above $2,500.

A weekly close above this area could open the way toward $2,700 and eventually $3,000. However, a rejection from $2,500 could draw the price toward the downside liquidity between $2,410 and $2,450.