ETH Holds Long-Term Support Ahead of All-Time High

[RSRS]

Ether (ETH), the world’s second largest cryptocurrency by market capitalization, is holding above the 40-week moving average. The long-term uptrend remains intact despite the sell-off from extreme overbought levels earlier this year.

The digital asset is on track to return near the all-time high around $4,300 as buyers remain active at support levels.

The chart below shows ether’s long-term breakout above $1,400 in January and subsequent re-test of that level in February. Similar to bitcoin (BTC), ether avoided a breakdown below the 40-week moving average, which suggests the uptrend is strengthening.

The relative strength index (RSI) on the weekly chart is neutral, similar to the situation in mid-2020, which preceded a strong price rally. For now, pullbacks appear limited around $2,500 to $3,000 support.

Sourch

[Fenix]

Now I still admit any price fluctuations in this market. August and even even September are traditionally not periods of active growth in cryptocurrency prices. According to other forecasts, a fall should have begun, and yesterday everything was really in red. Bitcoin and ethereum fell decently in price and I already thought that the predictions were coming true. However, today the market has returned to its previous position in terms of prices. I think for some time fluctuations will still occur, perhaps with a slight overall growth. However, I expect significant growth from October.