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- Ethereum price surpasses $3000, aiming to break above the 50-day Exponential Moving Average:
Ethereum is trading above $3000, marking its fourth consecutive day in an upward trend. As of this report, the price has increased by more than 3%, approaching the 50-day EMA at $3136.
If Ethereum breaks above this moving average, the rally could extend to the 200-day EMA at $3374, indicating an 11% increase from current levels.
Similar to Bitcoin, momentum indicators on the daily chart show renewed strength in Ethereum. The Relative Strength Index (RSI) is at 51, crossing above the midpoint, indicating increasing buying pressure. The additional upward margin suggests room for growth before reaching overbought levels.
Meanwhile, the MACD indicator is diverging upward from the signal line, avoiding a crossover. This suggests continued bullish momentum in Ethereum.
Daily ETH/USDT price chart.
Looking at the decline, the main altcoin may test a local support line connecting the lows of November 21 and December 18, near $2850.