A lot of attention has been recently around Ethereum, since Chicago Mercantile Exchange (CME) launched futures on ether on this exchange, after the launch of Bitcoin futures a year ago. Although this currency was struggling for some time to break its historically highest price reached in January 2018., at the beginning of February this year, ETH finally moved above, reaching new ATH at $1.860. Currency is still traded slightly below this level.
After reaching new ATH, ETH reverted quite modestly, but based on our analysis, it still have strength to test once again level of $1.850, where current resistance level stands. Although amount of daily trades slightly decreased from the previous period, it is still at relatively higher level of some $30B-$50B on a daily basis. RSI is moving around 60 and modestly below level of overbought market. This implies that traders might still be on buying side, and that level of ATH can once again be reached in the near future. If there is not strength for currency to go above this level, and test psychological level of $2K, than some important levels to watch on down side can be found at $1.580 as long term support level, and where currently 0.236 Fibonacci retracement stands, down to $1.400.