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Ether / Dollar intraday: the RSI is overbought

2024-01-02
1090

Our pivot point stands at 2348.

Our preference: the upside prevails as long as 2348 is support.

Alternative scenario: the downside breakout of 2348 would call for 2303 and 2276.

Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 2361 and 2323).

Supports and resistances:

2525 **

2498 *

2471 **

2444

2390 last

2366

2348 **

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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