$ETH Technical Indicators: The Relative Strength Index (RSI) is currently at 44.83, suggesting that ETH is neither overbought nor oversold. The 50-day Exponential Moving Average (EMA) stands at $1,879.87, while the 200-day EMA is at $2,530.92, indicating potential resistance levels ahead .

Market Sentiment: Recent analyses indicate a bullish divergence in RSI and increased trading volumes, which may support a continued upward movement in ETH's price .

Factors Influencing the Forecast

CME Short Positions: A notable decline in Ethereum short positions on the Chicago Mercantile Exchange (CME) has been observed, dropping from 20% in November 2024 to around 5% in April 2025. This reduction may alleviate downward pressure on ETH's price .

Upcoming Network Upgrade: The Ethereum network is scheduled to implement the Pectra upgrade on May 7, 2025, aiming to enhance scalability and user experience. Such upgrades often influence investor sentiment and can impact price movements .