Ethereum Analysis: ETH Sets Course for $3,500 Amidst RSI Readings

Ethereum has been on an uptrend lately. It is seeing massive gains and returning to levels it lost two years ago. As a result, clamour for the flipping asset Bitcoin is gaining momentum at this time.

Over the last four days, the apex altcoin has gained considerable increases. For example, it opened trading on Saturday at $2,926 but started surging in response to general market sentiment. As a result, it tested the $3,000 resistance but ended the day a little low with gains of almost 3%.

The next day was another positive day for ETH. It opened at $2,992 and continued its uptrend with a flop of $3,100. Following a peak of $3,120, it closed with gains of 4%. This marked the first time the coin gained stability above $3k in more than two years.

During the previous intraday session, the apex altcoin registered a new milestone. It tried breaking $3,200 but failed due to strong rejections at $3,198. Additionally, the high represented recovery from a low of $3,037.

A clear look at the charts suggests that ETH has extended the high for 2024. It started the current day at $3,179 and tried breaking $3,300 but failed due to small rejections at $3,290. As a result, it dropped and is currently trading above $3,240. This means it’s up by more than 2%.

A look at the indicators is showing a mixed sentiment. This comes as the Relative Strength shows that the coin is above 70. This marks the third day above the boundary. Nonetheless, this means that the altcoin is overbought and due for corrections in the coming days. This reading also resonates with what is present on the 1-week chart as the second-largest coin is at 80 RSI.