$ETH :Bullish Momentum or Correction Ahead?

Ethereum (ETH) has shown strong price action recently, trading above key support levels and testing resistance zones. Currently, ETH is hovering near a crucial support level at $3,000, with a bullish bias as long as it remains above the 50-day moving average (MA). The 200-day MA around $2,800 acts as a major support, while resistance sits near $3,500.

The Relative Strength Index (RSI) is approaching overbought territory, signaling potential short-term consolidation or correction. However, the MACD indicator remains bullish, with the histogram showing upward momentum. A breakout above $3,500 could see ETH rally toward $4,000, while a breakdown below $2,800 may trigger a retest of $2,500.

On-chain data suggests increasing accumulation by whales, indicating confidence in ETH’s long-term potential. With Ethereum's continued network upgrades and increasing adoption in DeFi and NFTs, the mid-term outlook remains bullish, contingent on macroeconomic factors and overall market sentiment.