ETHEREUM: NEW YEAR'S GIFT
Ethereum started the year on a high note. On Monday, the currency gained 149 points to establish a double top position at the all-time price of $876. It then started what seems like a short-correction after its RSI reached a high of 90, indicating an overbought position.
Could this be an indication of better things to come?
On the same day, Bitcoin continued to slide, falling from a high of $13,903 to a low of $13,297, which is an important support area.
Ethereum’s rise in the New Year reminds us of bitcoin in 2017, which started the year just below $1,000 and ended at more than $13,000.
In the short-term, traders should wait for the RSI to touch the 57.42 level before initiating long positions as shown below.