Ethereum has risen, but it's still far from a 'bubble'! Before June 1, it may still linger in the 'cheap zone'.
Although ETH has successfully broken through the $2000 resistance, the current price has already reached $2565, with a considerable short-term increase, but despite the seemingly hot market, it is still far from the top.
The rainbow chart shows: ETH is currently only in the 'still cheap' range, even close to the upper edge of the 'accumulation' area. What does this mean?
— According to the logic of historical valuation curves, the current ETH has not yet entered the euphoric phase of a bull market, let alone the 'bubble' area.
Even though the current RSI is approaching overbought, short-term momentum may slow down, but from the position of the 50-day and 200-day moving averages, the bullish trend remains unchanged. The rainbow chart, although not a traditional technical indicator, carries significant emotional guidance — before retail investors become enthusiastic, we may still just be getting started.
The fundamentals of ETH are solid, network upgrades + institutional probing have only just begun, don't be scared away by short-term fluctuations; the real big market may still be waiting for you in a higher color band.
