Ethereum (ETH) is currently demonstrating strong bullish momentum, trading around $2,492 after breaking above the key psychological level of $2,200. Technical indicators like MACD show a bullish crossover, and price is holding well above both the 50-day and 200-day moving averages. However, the RSI is over 84, indicating that ETH is in overbought territory and could face a short-term pullback or consolidation. Fundamentally, Ethereum’s strength is being driven by the recent activation of the Pectra upgrade, which enhances network performance and security through key changes like EIP-7702. This upgrade, along with increased institutional confidence, is fueling positive sentiment across the market. Despite possible short-term corrections, Ethereum remains poised for further upside in the coming days if the broader market sustains its current strength.
