• ETH/USD extended its weekly rally after closing flat on Friday.
  • Sharp upsurge on Saturday is lifting the daily RSI toward 70.

After trading in a relatively tight range and closing virtually unchanged near $220, Ethereum (ETH/USD) gained traction on Saturday and advanced to its highest level since March 8th at $234.28. As of writing, the pair was trading at $232, up 5.33% on a daily basis. With this latest upsurge, Ethereum is now gaining more than 16% since the start of the week.

Technical outlook

The Relative Strength Index (RSI) indicator on the daily chart is approaching 70, suggesting that Ethereum could struggle to preserve its bullish momentum and stage a technical correction in the near-term.

Nevertheless, ETH/USD is likely to remain bullish as long as it closes the week above $227 (April 30 high). Above that level, a static resistance aligns at $245 ahead of $250-$252 area (psychological level/March 7 high). On the other hand, $220 (daily low) could be seen as the first technical support before $206 (20-day SMA) and $200 (psychological level). 

ETH/USD daily chart

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