Cryptocurrency Ethereum (CRYPTO:ETH) has crossed the $3,000 level, but it's now overbought. That means there a good chance it goes into another period of consolidation.
Overbought refers to momentum. It's a measure of how far a security has moved in a certain period of time. When it reaches an extreme above its recent average trading range, it's considered overbought.
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As you can see on the below chart, the last time ETH was as overbought as it is now was on April 15. A small sell-off followed and that could happen again.
See also: How to Buy Ethereum (ETH)