ETHUSD (Ethereum) experienced a significant correction after its 2023 rally stalled around the 1,740 zone in mid-February. However, the digital asset managed to stage a solid comeback, generating a fresh six-month high of 1,780 before paring some gains.
The momentum indicators currently suggest that the bullish forces are in control. Specifically, the stochastic oscillator is ascending, while the RSI has flatlined above its 50-neutral mark.
If the price edges higher, the recent six-month peak of 1,780 could act as initial resistance. Conquering this barricade, the bulls may aim for the August high of 2,030. Should that obstacle fail, further advances may cease at 2,186.
Alternatively, should sellers re-emerge and push the price lower, immediate support could be found at the 1,615 hurdle, which lies close to the 50-day simple moving average (SMA). Sliding beneath that floor, the price could challenge the February low of 1,460 before the spotlight turns to the March bottom of 1,370. A violation of the latter could pave the way for the November double-bottom region of 1,070.
Overall, despite its recent multi-month peak, ETHUSD appears to be lacking the necessary momentum to extend its upside move. Therefore, the digital asset could be entering a consolidation period, waiting for developments that could provide fresh directional impetus.
Read More: ETHUSD Retraces Lower after Posting Fresh 6-month High
