14.04.202316:08 Forex Analysis & Reviews: April 14, 2023 : Updated technical analysis of Ethereum/USD.

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Ethereum has been one of the best-performing cryptocurrencies in the market, with significant gains since the beginning of the year. The recent technical analysis of the Ethereum/USD chart shows a potential bullish trend in the near future.

The updated technical analysis of the Ethereum/USD chart indicates that Ethereum has broken out of a key resistance level against USD, which could lead to further gains.

The cryptocurrency is trading within an ascending channel on the USD chart, signaling a potential bullish move.

Ethereum is trading above its 50-day moving average, indicating a bullish trend. However, the Relative Strength Index (RSI) is approaching overbought levels, which indicates a potential correction.

Hence, Ethereum may experience a pullback before continuing its upward trend against USD.

Traders should keep an eye on the price action around the 2500$ level, as it is a key resistance level. A break above this level could lead to further gains towards the 3000$ level. Conversely, a break below the 2000 $ support level could lead to a short-term bearish trend.

In summary, Ethereum against USD chart points to further continuation of the ongoing bullish trend, with a key resistance level at 2500.

Traders should be cautious and wait for confirmation of the bullish trend before entering any long positions.

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