Fri, Jun 09, 2023 @ 01:55 GMT
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ETHUSD Posts Fresh 9-Month High after Shanghai Upgrade

ETHUSD (Ethereum) has been stuck in an uptrend since the beginning of the year, generating a fresh nine-month high of 1,995 in today’s session following the successful completion of the long-awaited Shanghai upgrade. Now the focus turns to whether the pair can extend its 2023 rally and reclaim the 2,000 psychological mark.

The momentum indicators currently suggest that bullish forces are intensifying. Specifically, the RSI is attempting to cross above the 70-overbought territory, while the stochastic oscillators are ascending within the 80-overbought zone after posting a bullish cross.

Should Ethereum rise above the 2,000 psychological mark, the August 2022 peak of 2,030 could act as initial resistance. Breaching this territory, the price could ascend towards the 2,450 zone, which served as support and could act as resistance in the future. A break above this region could pave the way for the 3,030 hurdle.

Alternatively, if sellers re-emerge and push the price lower, immediate support could be met at 1,770. Should that floor collapse, the bears could aim for 1,690 before the February support of 1,463, which lies very close to the 200-day SMA, comes under examination. Even lower, the March bottom of 1,370 may provide downside protection.

Overall, the latest fundamental developments have given ETHUSD the necessary boost towards a fresh higher high. For the uptrend to resume though, the price needs to close above the 2,000 psychological mark.
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