FX.co ★ Ethereum remains inside bullish channel.

Ethereum like Bitcoin are close to their recent highs. Ethereum on the contrary to Bitcoin, has not broken out of its bullish channel. Trend remains bullish since the reversal from $1,700 area.

Blue line- bearish divergence

Despite making higher highs and higher lows, the RSI is not following and is instead providing us with bearish divergence signals. This bearish divergence signal justifies at least a short-term reversal towards $2,400-$2,500. Traders need to be cautious specially if price breaks out of the bullish channel.