#ETHUSD Posts a Fresh 18-month High (6 Dec 2023)

• Ethereum jumps to its highest since May 2022
• Advance eases as oscillators point at overbought conditions

ETHUSD (Ethereum) has experienced a strong rally since late October, which propelled the price to a fresh 18-month peak of 2,274 on Monday. However, the uptrend seems to be losing some steam, with both the RSI and stochastics touching their overbought territories.

Should the rally extend, the price could initially test the February 2022 support of 2,300, which could now serve as resistance. Conquering this barricade, the bulls could attack the March 2022 bottom of 2,445. If that barricade also fails, there is no prominent resistance until the March 2022 hurdle of 3,050.

On the flipside, bearish actions could send the price to challenge the November resistance of 2,136, which also held strong in April. Sliding beneath that floor, the leading altcoin could descend towards the 2,000 psychological mark. A break below the latter may pave the way for the November support of 1,920, which overlaps with the 50-day simple moving average (SMA).

Overall, ETHUSD has been constantly gaining ground in the short-term, posting consecutive 2023 highs. Nevertheless, traders should not rule out a pullback as there are emerging signs that the advance has been overstretched.






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