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Ethereum (ETH) is once again stealing the cryptocurrency market spotlight, with the asset now targeting the $4,000 level.
To this end, according to analysis by charting platform TrendSpider, Ethereum is on the verge of a breakout supported by bullish technical indicators.
In a July 8 post on X, TrendSpider noted that after reclaiming $3,800, Ethereum is having its “main character moment.”
At current levels, Ethereum remains in a strong uptrend, trading above its 50-day simple moving average (SMA) of $2,674 and 200-day SMA of $2,357. However, the 14-day RSI at 84 indicates overbought conditions, suggesting a short-term pullback could occur despite the bullish momentum.
Featured image via Shutterstock
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