SmithJhonson

ETH/USD is recovering from the prior day's profit-takings. The technical pullback found bids at $2,503 as fresh support builds around this region. The rising RSI is yet to confirm overbought conditions past 70 while the bullish mood remains intact as long as ETH’s price is above the demand zone near $1,720 from the daily chart. If today closes in the green, Ethereum will mark its 12th consecutive day winning streak. Consolidation may run its course briefly as short-term bulls rebuild their stakes. Those armed with patience may wait for a clean break above the peak at $2,700. Potential bullish formation patterns could further enhance trend optimism while the crossover of the MA 50 and 200 awaits completion.

The rise of the BTCD index could be a sign of the start of another bull run as Bitcoin price attempts to hold on to $38,000. Bitcoin’s price has been rallying in tandem with altcoins, sending mentions of the markets flipping back to a bullish supercycle for Bitcoin (BTC). The flagship cryptocurrency went through the resistance levels of $42,000 for the first time since May 19, hitting a peak of $42,541 on July 31.

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