Something crazy is happening with the Bitcoin and Ethereum prices. Yesterday we saw the Ether prices making a new all-time high while the Bitcoin price didn’t record any meaningful gains. This has made many investors and trader nervous as they do not know if the current move will continue. This has triggered a sell-off in Ethereum price, and now we see the ETH moving further away from its all-time high.
Having said that, it is important to keep in mind that ETH is likely to continue its journey towards the 1,500 price level if the bullish momentum doesn’t die out.
Speaking from a technical analysis perspective, there is no doubt that the RSI is way overbought on the daily time frame and it is likely to that we may see some sell off. However, the fact that price is trading above the 50, 100 and 200-day SMA on the daily time frame, it is likely that we may see another upward push which could tier the resistance which is at 1,500. The near term support is 1280.
