Ethereum maintains its strength around its 200-day exponential moving average
The price of Ethereum retested the support level at its 200-day exponential moving average (EMA) at around $2,438 on Monday, rising by 7.38% the following day. However, Ethereum lost most of its recent gains and declined by Thursday. At the time of writing this report on Friday, its price hovered around $2,575.
If the 200-day exponential moving average at $2,438 holds as support, the rally may extend to retest its key psychological level at $3,000.
The Relative Strength Index on the daily chart indicates 73 above the overbought level of 70, suggesting a decline, indicating that bullish momentum is fading. For the bullish trend to continue, the Relative Strength Index must surpass its current levels and continue to rise.
However, if ETH experiences a pullback, it may find support around its 200-day exponential moving average at approximately $2,438
