The tracking online platform Glassnode Alerts reported that the realized cap for Ethereum (ETH) recently reached an 8-month high of $181,606,579,492.76. Currently, the price of ETH is attempting to close the daily candle above $1850, which would enable further growth to $1980 over the next 2 weeks. Confirmation of this bullish momentum would come with a price breakout and daily candle close above the 20-day EMA line at $1854.62.
However, if ETH loses support at the 9-day EMA at $1848.76 within the next 48 hours, it is likely to retrace and test the positive trend line on the chart between $1829.35 and $1840. A breakthrough below this line could put ETH at risk of dropping to $1690.
Investors and traders should keep an eye on the 9-day and 20-day EMA lines on the daily ETH chart. Currently, the shorter EMA 9 is below the 20 EMA, indicating potential strengthening of selling pressure. However, this could change as the difference between the two technical indicators narrows.
If the 9-day EMA line on the ETH chart manages to cross the bullish line above the 20-day EMA, it could provide the necessary momentum for ETH to reach $1980.
