$ETH

Ethereum tests key support at the 200-day EMA of around $2,438, a crucial level for maintaining a bullish structure.

Ethereum price retested and found support around its 200-day Exponential Moving Average (EMA) at around $2,438 on Monday and rallied 7.38% the next day. However, ETH lost most of its recent gains and declined until Thursday. At the time of writing on Friday, it hovers around $2,575.

If the 200-day EMA at $2,438 continues to hold as support, the rally could extend to retest its key psychological level at $3,000.

The RSI on the daily chart reads 73 above its overbought level of 70, pointing downward, indicating fading bullish momentum. For the bullish trend to be sustained, the RSI must move above its current levels and continue its rally.

However, if ETH faces a pullback, it could find support around its 200-day EMA at around $2,438.

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