Ethereum backs-off from 2-month high

Ethereum or ETH/USD pair clocked a two-month high of $344.44 yesterday before trimming gains to trade around $321.52 levels. 

As per coinmarketcap.com, the currency pair has gained 7.36% in the last 24 hours. Volumes on Bithumb are up 20% and the current market cap stands at $30.23 billion. 

Hovers around 23.6% Fib 

The currency was last seen trading just below $322.25 levels [23.6% Fib R of $5.81-$420.00]. 

Rising channel

The daily chart shows a rising channel pattern and a bullish 14-day RSI. 

ETH/USD Technicals

A break above $330 [session high] would open up upside towards $355 [rising channel resistance] and $365.79 [June 20 high]. On the downside, breach of support at $314.71 [Aug 9 high] would expose $295.27 [previous day’s low] and $287 [Aug 18 low].