Ethereum bounced off its 200-day EMA at $2,451 on Sunday, adding 5% by Tuesday. At the time of writing, ETH is priced around $2,640 and is close to meeting resistance at $2,724. Breaking below the 200-day EMA might result in the price falling to the 50-day EMA at $2,247. The 66 on RSI today means the asset is approaching the overbought territory, signaling a drop in bullish momentum. A bearish MACD crossing suggests that the price strength is also declining.
An end-of-day trade above $2,724 may start a push toward $3,000. ETH has been stuck between $2,750 and $2,850, an area where supply is heavy, on the weekly chart. For the market to advance, we first need consolidation above $2,850 and then $3,250. Various institutions and treasuries following Sharplink Gaming’s plan could help Ethereum continue rallying to reach $10,000 over time.
