Recently, the Ethereum market has been quite lively.
Last Tuesday, it successfully broke through the 50-day moving average around 2429, and this position has turned into a support level;
By Sunday, the bulls continued to push, directly breaking through the key resistance level of $2461.
From a technical perspective, if Ethereum can steadily hold above 2561, this wave of bullish momentum is likely to continue, with the next target possibly pointing to the daily resistance level of 2724.
The daily indicators are also releasing positive signals—RSI is currently at 52, higher than the neutral 50, indicating that market bullish sentiment is gradually warming up.
More notably, the MACD is forming a 'golden cross', with the fast line about to cross above the slow line.
If this crossover really occurs, it will be a boost for the bulls, providing more confidence for subsequent rises.
However, there are no absolutes in the market.
If the short-term market weakens and Ethereum's closing price falls below the 2461 support, the market may reverse. At that point, the price may continue to decline to test the support level of 2429, where the 50-day moving average is located.
Currently, both bulls and bears are fiercely contesting, and although the technical outlook is quite optimistic, it is still essential to keep a close eye on key price levels and not rush in blindly just because of a rise.
The cryptocurrency market is inherently volatile and risky, so it's wise to think and observe more.
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