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Ethereum has been one of the best-performing cryptocurrencies in the market, with significant gains since the beginning of the year. The recent technical analysis of the Ethereum/USD chart shows a potential bullish trend in the near future.
The updated technical analysis of the Ethereum/USD chart indicates that Ethereum has broken out of a key resistance level against USD, which could lead to further gains.
The cryptocurrency is trading within an ascending channel on the USD chart, signaling a potential bullish move.
Ethereum is trading above its 50-day moving average, indicating a bullish trend. However, the Relative Strength Index (RSI) is approaching overbought levels, which indicates a potential correction.
Hence, Ethereum may experience a pullback before continuing its upward trend against USD.
Traders should keep an eye on the price action around the 2500$ level, as it is a key resistance level. A break above this level could lead to further gains towards the 3000$ level. Conversely, a break below the 2000 $ support level could lead to a short-term bearish trend.
In summary, Ethereum against USD chart points to further continuation of the ongoing bullish trend, with a key resistance level at 2500.
Traders should be cautious and wait for confirmation of the bullish trend before entering any long positions.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.
