Ethereum rally stalls at the 61.8 % fib

The sharp rally in Ethereum or ETH/USD appears to have run out of steam around $309.32 - which is the 61.8% Fib retracement of the drop from $420 to $130.26. 

Bearish reversal confirmed

Saturday’s Doji candle [which signals bullish invalidation] at $322.25 [23.6% Fib R of $5.81-$420] was followed by losses on Sunday. Thus, a bearish Doji reversal has been confirmed, although so far today the bears have struggled to keep the prices below $300 mark. 

The currency was last seen trading around $303 levels. The 14-day RSI still is yet to hit the overbought territory. 

Technical Levels

The major resistance levels are $309.32 [61.8% Fib R] and $322.35 [23.6% Fib R]. On the downside, support is seen around $294.96 [session low] and $276.55 [Aug 8 high].