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Ethereum (ETH): Bullish test at 21-Day SMA

Ethereum (ETH): Bullish Test at 21-Day SMA

Ethereum (ETH) is currently trading around ~$3650, facing a test of its immediate resistance at the 21-day simple moving average (SMA) of ~$3679.

If ETH can break above this level, it could potentially target $4000 key psychological level.

Looking at the bigger picture, ETH sits above both the 50-day and 100-day SMAs, at ~$3254 and ~$2794 respectively. This may indicate a longer-term bullish trend.

Additionally, the RSI (14-day) sits at ~55.92, suggesting there's potential room for growth before entering overbought territory (>70 – overbought; <30 – oversold).

However, a short-term correction is possible. The price is currently below the 21-day SMA, hinting at potential selling pressure.

If ETH falls, the $3500 round number could act as psychological support.

Overall, the technical analysis for Ethereum leans bullish in the long term.

Overcoming the immediate resistance at the 21-day SMA could be the key to reaching the $4000 target. However, be aware of potential short-term headwinds.


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