Amazingly, Ethereum bulls have not lost their momentum yet and they have created another leg up with even more volume than before and a higher percentage of gains, around 6% currently.
This was certainly unexpected as most analysts believed a small consolidation was due to happen. Ethereum bulls broke above all the major daily resistances with the next one at $216.58.
Ethereum has seen a 16.88% increase in price over the last 4 days without any kind of consolidation or pullback. The RSI is extremely close to being overextended but at this point, it will probably not help the bears too much.
The 4-hour chart looks really strong with a healthy uptrend but an overextended RSI. Again, this extension of the RSI doesn’t mean we are going to see a crash as the bulls are showing a lot of strength and zero signs of stopping.
The weekly chart is now in favor of the bulls after they were able to break above both EMA’s. In fact, it wouldn’t be a surprise to see ETH break above the high of $239.45 on this move without setting a lower high first.
It is now safe to assume a monthly higher low compared to $80.60 has been set and the bulls are looking to set a lower high since breaking above $364 in just one move would be extremely difficult.