Ethereum Price Analysis: ETH/USD stays flat above $200
- Ethereum loses momentum as daily RSI rises to 70.
- ETH/USD remains on track to close sixth straight week higher.
Ethereum (ETH/USD) stayed relatively quiet on Saturday and gained 1% to close at $214. Although the pair edged higher to $220 earlier in the day, it seems to be having a difficult time gathering momentum. As of writing, the pair was virtually unchanged on the day at $214.50. On a weekly basis, the pair is up more than 8% and remains on track to close sixth straight week in the positive territory.
Technical outlook
After posting modest gains on Saturday, the RSI indicator for the pair rose to 70 to show that the pair is technically overbought and could retrace a portion of its rally before continuing to edge higher. On the downside, $200 (psychological level) could be seen as the first support ahead of $190 (100-day SMA, 20-day SMA). Resistances, on the other hand, are located at $227 (Apr. 30 high), $240 (static resistance) and $250 (March 7 high).
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
