Ethereum price analysis (Bullish) — 3204.72 USDT (+4.48% 24h)

Ethereum is showing robust momentum, trading at $3,204.72 with a significant 4.48% gain over the past 24 hours. The price is currently positioned above both the 20-day SMA ($3,154.69) and the 50-day SMA ($3,042.45), confirming a strong uptrend. However, the RSI reading of 71.69 is flashing a clear overbought signal, suggesting the rally may be overheated in the short term. High volume of $1.8B supports the move, but elevated volatility of 3.63% indicates potential for sharp swings. Traders should consider this a high-risk, high-reward environment. For long positions, waiting for a pullback towards the $3,150 support level for a better risk-reward entry is prudent. Short-term traders might look for signs of exhaustion near current levels to book profits. A decisive break and close below the 20-day SMA would be the first warning sign of a deeper correction.