Ethereum (ETH) May 16 – Ethereum Breaks Above $250 And Continues Higher

Ethereum has seen a magnificent price surge totaling over 56% throughout the past 7 trading days.

The resistance at $300 is strengthened by a long term bearish .5 Fibonacci Retracement level (marked in red).

Beneath this, further support lies at $240, $225, $200 and $194.The RSI has reached overbought territory which could suggest that a retracement may be coming soon.

This is further confirmed by the Stochastic RSI as it currently trades in overbought territory, primed for a bearish crossover.Looking at the ETH/BTC 1-Day Chart:Against Bitcoin, we can see ETH/BTC managed to hold support at 0.02455 BTC and proceeded to rebound much higher.