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.
