Ether sharply recovered from the 20-day exponential moving average (EMA) ($2,613) on Tuesday and surged above resistance at $2,879 on Thursday.
The 20-day EMA has risen and the RSI is in overbought territory, indicating that the bulls have the advantage. There is slight resistance at $3,153, but if this level is surpassed, the ETH/USDT pair could rise to $3,400 and subsequently to $3,750.
The first downside support is at $2,879 and then at $2,733. Sellers will have to push the price below $2,733 to trap aggressive bulls. Until then, any small dip is likely to be seen as a buying opportunity.
The RSI on the four-hour chart has entered overbought territory, suggesting a consolidation or short-term correction. The pair could retrace to $2,879, where buyer entry is expected. If the price strongly rebounds from $2,879, it indicates that the bulls are attempting to turn the level into support. This improves the outlook for the bullish trend to continue.
Short-term buyers could take profits if the price falls below $2,879. The pair could then descend to the 20-day EMA.
* This analysis is from 7 hours ago, but I had forgotten to publish it 😅