Cryptocurrency Market Update: Ethereum Tests Key Resistance Level

Ethereum's (ETHUSD) price has been on an upward trajectory in recent intraday trading, reaching the $2,380 resistance level.

The strong momentum is fueled by a short-term primary uptrend and supported by a secondary bullish trendline. The price remains above its 50-day exponential moving average (EMA50), reinforcing the likelihood of further gains in the near term.

Relative strength indicators are sending positive signals, although they have reached overbought territory. This suggests that the price may be due for a correction, but the bullish trend is expected to continue.