princesshoor

08/20 14:38Bullish

Ethereum price eyes $2,500 as RSI flashes warning

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ETH/USDT

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Ethereum price eyes $2,500 as RSI flashes warning Ethereum price traded near $2,300 on Thursday after a derivatives-driven breakout pushed $ETH above its three-month range, though overbought signals now raise the risk of a pullback. Ethereum price action today According to data from crypto.news, Ethereum ($ETH) price traded at about $2,285 at press time on Aug. 20, up 1.4% on the daily candle after briefly reaching $2,298. The latest advance extended a breakout that began Wednesday, when $ETH surged from below $1,950 and cleared several resistance levels in a matter of hours. At its highest point, the move represented a gain of roughly 20%. Before the rally, Ethereum had spent most of August between $1,850 and $1,950. Repeated attempts to break above the upper end of that range failed, allowing short positions to build around the psychological $2,000 level. A sudden increase in spot and derivatives buying changed that structure. $ETH moved through $2,000, $2,100, and $2,200 with few sustained pauses, forcing traders with bearish leveraged positions to buy back the asset as prices rose. The initial rally produced a long upper wick near $2,330, showing that some holders took profits above $2,300. Buyers nevertheless kept $ETH above $2,250 through Thursday, preventing a deeper reversal during the first consolidation period. What is driving the Ethereum rally? The breakout coincided with a wider cryptocurrency rally after the U.S. Treasury announced an increase in its long-dated bond buyback operations. On Aug. 19, the Treasury said it would raise the maximum size of liquidity-support buybacks for 10-to-30-year nominal coupon securities from $2 billion to at least $4 billion per operation. The change will take effect on Sept. 9 and remain in place through Nov. 4, according to the official announcement.

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