Ethereum (ETH/USDT) Bullish Momentum Resurfaces Amid Reversal Signals
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Ethereum Long-term Analysis: Bullish
The market for Ethereum against the Tether has reignited a bullish sentiment following a sharp bounce from recent lows. As of this week, the pair has recorded a 6.40% gain, with a steady push towards the north.
Recently, the pair has seen bearish dominance with a sharp turn to the south. However, with the price stationed above the Guppy Multiple Moving Averages (GMMAs) and the Stochastic RSI signaling a strong momentum, the current price setup shows a recovery is in play.
Currently, Ethereum trades at $2,657.59, printing over 3 million traded volumes for the week as the token targets a new high.
Technical Indicators
Major Resistance Levels: $2,800, $2,950, and $3,200
Major Support Levels: $2,480, $2,270, and $2,000
Ethereum Technical Analysis
Ethereum against the Tether on the weekly timeframe has potentially concluded its corrective structure, signaling a trend reversal as the price pierces through the long-period EMAs from below.
From another angle, the Stochastic RSI signals an extreme overbought condition with expanding trading volume, showing genuine interest and aggressive bullish participation.
To this end, the pair may witness a pullback as a result of the oscillator’s condition. However, a sustained momentum at the current level may push the pair above the $3,000 psychological level soon.
ETH/USDT Analysis: Expectations
On the daily chart, ETH/USDT continues to gain traction as the price secures a space above the sets of EMAs. This confirms the trend strength and the intention of the bullish traders.
However, the Stochastic RSI, on the other hand, suggests otherwise, as the lines extend to the south, signaling waning daily momentum.
To this end, the GMMAs expansion shows a bullish structure remains, and an upward curve in the Stochastic lines would determine the continuation of the uptrend above the $2,800 level.
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