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.