The trajectory of the price has followed this prediction almost to the letter thus far but we are still 16.1% away from the target.

So, does ETH have enough fuel in the tank to rally to $3,000? At first glance, an overbought RSI may be considered a warning signal that the rally has gone too far too fast.

However, as these same historical patterns show, this is not the first time that the RSI has gotten this high and it does not necessarily mean that the price cannot move any higher.

If history repeats, or at least rhymes, the rally can still keep going even if the RSI starts to drop. This means that ETH could still reach that $3,000 target in the near term and could go even higher if FOMO kicks in as this is a major psychological threshold.

Zooming in on the latest price action, the rally has accelerated after a golden cross between the 21-day and 200-day EMAs. Meanwhile, ETH has also moved above the 200-day EMA, meaning that the long-term price trend is now bullish.