In a post shared on X by UniChartz, it was noted that Ethereum (ETH) has developed a well-defined bullish structure, characterized by a series of Higher Highs (HH) and Higher Lows (HL), a classic signal of upward momentum. However, after this upward move, ETH has now entered an accumulation phase just below a key resistance zone, suggesting that the market is consolidating before its next potential breakout.

EMA Confluence Zone Retest: Ethereum At Crucial Decision Point

According to UniChartz, Ethereum is currently navigating a crucial technical juncture as it retests the confluence zone of the 50 EMA and 100 EMA, a region that has historically served as a strong area of demand. This overlap of exponential moving averages often acts as dynamic support, and its relevance is further underscored by the Stochastic RSI rebounding from oversold territory, which may signal an incoming shift in momentum.

The analyst suggests that if ETH manages to hold this accumulation zone and support provided by the EMAs, it might open the door to another test of the overhead resistance zone, or potentially, a breakout beyond it. Traders will likely look for volume confirmation and continuation patterns to validate any such upside move.

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Author: Godspower Owie

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