3 reasons why Ethereum can hit $3K in the short term despite overvaluation risks

Ethereum’s native asset, Ether (ETH), dropped after reclaiming its two-month high in the previous session, suggesting that its recent bullish rally was nearing exhaustion. 

In detail, the ETH/USD pair topped out at $2,699 on Sunday for the first time since June 7. The pair’s peak level also pushed its relative strength index (RSI), a momentum-gauging indicator, above 70 — a mark that analysts consider overbought.

Seemingly, traders with short-term risk setups sold the Ether top to…

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