Technical Analysis – ETHUSD consolidates as advance pauses
ETHUSD posts fresh 2-month high following ETF approval
But fails to extend its rally as bulls lift foot off the gas
Momentum indicators ease from overbought conditions
Should the price reverse lower, immediate support could be found at 3,700, a region that has acted both as support and resistance in 2024. Lower, the bears could attack the March-April support of 3,260. Slicing through that barrier, the price might test the March bottom of 3,060.
On the flipside, if the bulls regain total control, the price could revisit its two-month peak of 3,974. A violation of that zone could pave the way for the 2024 high of 4,090, which is also a more than two-year high. Should that barricade fail, attention might shift to 4,400, a region that was frequently tested from October till December of 2021.
Overall, although ETHUSD stormed to a fresh two-month high supported by sector-specific developments, it seems that its rally is running out of juice. Hence, traders should not rule out another sell-the-fact type of reaction moving forward given what we have previously seen this year in the crypto sector.
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