Ethereum Price Seen Riding Bullish Trend Line Structure with Support from EMAs
According to Matt Hougan, there are no longer any sellers left in Ethereum (ETH) after the foundation's reorganization purge several months ago. Anyone who was tired of holding ETH had already sold it at its lows. As a result, community momentum has built up in favor of ETH since then.
One key factor driving this momentum is that new entities have been entering the market and buying into ETH. Additionally, Ethereum has outperformed Bitcoin (BTC) and has become a core holding due to its stablecoin tokenization theme.
The current price of ETH at $2400.39 appears to be riding a bullish trend line structure, with support coming from both the 50-EMA ($2059.35) and the 200-EMA ($1926.14). However, the Relative Strength Index (RSI) is currently overbought at 94.03, indicating potential exhaustion against the upper Bollinger resistance band at $2548.
This could lead to a probable retracement of ETH's price toward the 50-EMA before continuing its upward trend.