Ether (ETH) rose 2.5% in the past 24 hours, trading at around $2,434. This rise reinforced long-term support at its key 200-week simple moving average (SMA) of $2,298, indicating a return to upward momentum after the U.S. Federal Reserve's recent rate cut.
The 200-week SMA is a widely used tool for gauging long-term momentum. If the price of an asset rises above the marker, it is generally considered to be in an uptrend, providing a reliable foundation for future price action. This has held true for Ether, which has consistently bounced back from this support level, signaling investor confidence.
Bitcoin (BTC) was trading at around $62,000, marking the first higher low for the token since its all-time high in March. Traders are cautiously optimistic but expect the rally to be short-lived. For a more sustainable bullish trend, Bitcoin needs to break through crucial resistance around the $65,000 mark as it aims to reclaim the short-term holder realized price of $61,998.
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