Ethereum Defends Bullish Trend Ahead of Q4 Seasonal Performance

Ethereum has finished the week on a strong note by closing above $2400. The token currently trades at $2491.56, maintaining its bullish structure seen before significant Q4 moves in previous years.

The next few days will be crucial as traders watch whether Ethereum can hold onto this level through month-end and secure a green August finish before potentially pulling back deeper.

Despite the current strength, there are warning signs. The price is testing the upper Bollinger resistance at $2515.4, while the Relative Strength Index (RSI) is flashing overbought at 70.05. Meanwhile, the Moving Average Convergence Divergence (MACD) has registered a death cross.

A healthy retracement towards the 50-day Exponential Moving Average (EMA) support at $2248.91 seems likely before continuation. The deeper level that would need to hold for the broader bullish trend is the 200-EMA at $2008.58, which remains intact heading into Q4's seasonal performance.