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Ether (ETH) price broke through the daily resistance level at $2,461, pumping 6.5% on Monday and closing well above its 50-day Moving Average (MA) (EMA). On Tuesday, ETH dropped, testing and finding support around the 50-day EMA at $2,542. As of writing this article on Thursday, the ETH price has slightly increased, trading at around $2,600.
The MACD indicator supports the pump of Ethereum, indicating a bullish cross on the daily chart. On Monday, the MACD line moved above the signal line, triggering a buy signal. It shows the green histogram bar above the neutral line zero, also indicating that the price of Ethereum may experience a rising trend.
In addition, the RSI trading price on the daily chart is 61, which is higher than the neutral level of 50, indicating that the bullish trend is strengthening.
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