The second leading cryptocurrency by market cap, Ethereum [ETH], is holding above the 40-week moving average. The long-term uptrend remains intact despite the sell-off from extreme overbought levels since earlier this year.
The digital asset is on target to return near the all-time high around $4,300 USD as buyers remain active at support levels.
The chart reveals that ETH’s long-term breakout was above $1.4k earlier in January and subsequent re-test of that level later in February. Almost like Bitcoin [BTC], Ethereum avoided a breakdown below the 40-week moving average, which suggests the uptrend is strengthening every day.
The RSI [Relative Strength Index] on the weekly chart is neutral, almost like things in mid-2020, which preceded a robust price rally. Presently, pullbacks appear limited to around $2,500 USD to $3,000 USD price support.