Ethereum is trading around $230 after reaching a peak of $237 earlier, the highest since October 2018. Vitalik Buterin’s brainchild continues enjoying the rally that all digital assets are experiencing.
ETH/USD has not seen too many outstanding headlines but Ethereum’s cofound Joseph Lubin’s claim that the blockchain will become 1,000 more scalable with 18-24 months certainly helps. Traders in the king of altcoins are awaiting the Serenity update, also known as Ethereum 2.0.
ETH/USD Technical Analysis
The daily chart shows overbought conditions with the Relative Strength Index standing well above 70. Downfall may be seen as a correction if Ethereum does not fall below the April high of $189.
If the current uptrend continues, with or without correction, ETH/USD will first need to recapture the 2019 peak of $240 and may then look toward higher ground.
The September high of $256 is the first target for ETH/USD. It will also mark a return to the long-lasting trading range in the summer.
Above $256, the next two levels are close: $305 seen in late August and $325 touched in mid-August. The cryptocurrency may take a break around this area before aspiring to climb even higher.