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.
The lead passed from Bitcoin to Etehreum and Ripple, with the latter jumping on Coinbase's rollout of XRP trading earlier this week.
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.
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