ETH bulls catch a breather around February 2018 top

Fibo Quantum

  • ETH/USD consolidates gains from the multi-month top amid overbought RSI conditions.
  • 61.8% of Fibonacci retracement offers key support, bulls keep eyes on 2018 high.

Having jumped to the highest in 35 months, ETH/USD recedes to $955.35 during early Monday’s trading. Although overbought RSI conditions suggest further consolidation of prices, 61.8% Fibonacci retracement of the year 2018 downturn becomes the key level to watch for bears.

The downside break of the key Fibonacci retracement, at $906.30, needs to get validation from the $900 round-figure before challenging May 2018 top surrounding $830.

However, any further weakness past-$830 can make the crypto pair vulnerable to revisit July 2018 peak close to $515.00 ahead of highlighting the $500 psychological magnet and September 2020 high of $488.95.

On the contrary, the $1,000 threshold guards the pair’s immediate upside ahead of the recent high around $1,015.

Should ETH/USD buyers chose to ignore RSI conditions beyond $1,015, the February 2018 high of $1,224 and the year 2018 peak, also the record high, near1,420 will be in the spotlight.

ETH/USD weekly chart

Trend: Pullback expected