Following a low of $1,529.57 to start the week,Prices have since slipped, and as of writing, the world’s second largest cryptocurrency is trading at $1,569.75.Overall, with prices significantly overbought, and with bullish momentum seemingly at its peak, many expect a reversal could be on its way.
Currently the RSI of 14 days is tracking at 83.84, which is its highest level since August 2020, when price was trading below $1,200. Although there are still long-term bulls, it is likely that ethereum could move into consolidation up until price strength is in more neutral territory.Tags in this story
When btc will decouple with traditional markets finally
Inaccurate to say that the price of Bitcoin is correlated with China's GDP, as China has banned the use of Bitcoin and is instead focusing on the development of CBDC.
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Feels very bullish ATM, hoping for a reasonable pull back to lower the RSI a bit and for me to load up more with my remaining USD, a bit disappointed with missing out on the AI pump.
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