Big Picture: For the first time in over 27 weeks, Ethereum has entered the overbought zone. The Bulls have had been lacking this sort of strength for some weeks. Although Ethereum is still lagging and is yet to break out of the downward channel. Price could challenge the prevailing downward trend over the longer time period in the coming days. Passing this point would bring the current 52-week high within reach.
On the Upside Ethereum is starting to quickly catch up onto strength. Price is surpassing its previous intra-day level and is now quickly approaching the breakout point which could be seen at 1880 level. Any sign of strength above this mark could lead to a very strong round of upside for Ethereum initially aiming for 1920 to 1930 levels followed by the 2000 mark and with room for still more upside.
On the Downside Ethereum is rapidly catching up with strength. Price has surpassed its previous intra-day resistance and is currently edging closer towards the breakout point, which is seen near the 1880 level. Any hint of strength over this level may trigger a very powerful wave of upside for Ethereum, with the initial target being at 1920 to 1930 levels, followed by the 2000 mark, and with space for much more upside.