Ethereum Tests $4.2K Before Pullback: Analyst Warns on Buying at Highs
Ethereum (ETH) rallied sharply, briefly pushing past the $4,200 mark before retreating to approximately $4,100 .
Analyst Insights
Crypto analyst Michaël van de Poppe cautions that while the recent move suggests a breakout toward record highs, buying at such elevated levels is risky. He recommends instead allocating capital to ETH related opportunitieslike Layer-2 solutions or DeFi protocols that may offer higher short term upside .
Technical Indicators
RSI stands at 72 on the daily chart, signaling strong bullish sentiment but also an overbought condition, which could precede a short term pullback .
MACD shows a bullish crossover between the 186 and 196 levels, reinforcing the ongoing upward momentum .
What’s Next?
Should Ethereum manage to close above $4,200 on a weekly timeframe, it may approach its all time highs from around a year ago. However, market views remain split some expect an immediate push higher, while others anticipate a brief consolidation prior to continuation .
Summary for Readers
Ethereum briefly surpassed $4,200 before pulling back to $4,100.
Technical momentum is strong, but overbought signals suggest caution.
Van de Poppe advises looking into ETH ecosystem plays rather than direct entry at these levels.
Holding above $4,200 weekly could herald a run toward all-time highs.#BinanceSquareTalks
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