Ethereum smashed the ATH and is now in blue sky breakout making a new ATH. Levels are overbought on several of the shorter term charts, but because of the levels being without resistance, this isn't as relevant.
The order book shows a lot of sell pressure approaching the $1,300 level. I'm not sure if we will hit this before seeing a significant pullback.
Yesterday, I predicted we would see an ATH today around the upper $1,200's, so I think we are about at that point. I'm not sure if $1,300 is in store today. Of course, I would LOVE to be proven wrong! :)
Also as predicted, we are seeing a new ATH but with lower RSI on the hourly.
The 4-hr maribuzu candle is actually a great setup and the volume looks extremely healthy for the movement.
The daily is a little concerning and lets me know to still be cautious. Last time we saw this scenario with this level of RSI we saw a nearly 50% dump. I'm still targeting the $875 support level that I think we will test before too long.
It's great to see the independence from the other markets, but this growth for this long is definitely concerning. We are currently about to work on our 11th straight green bull candle. We've NEVER seen this trading without a correction before in Ethereum, so I think it's highly likely we will see some green daily candles here after resisting from $1,300. These large spikes always have large corrections to follow, so I'm thinking we can get in at least around $875 support.
As always, I'd love to hear your thoughts!
Happy trading!!