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  • ETH/USD picks up bids to challenge the record top.
  • Sustained trading beyond 10-day SMA, whales’ accumulation favor the bulls.
  • Retracement before $2,000 can’t be ruled out, formation support adds to the downside filters.

Ethereum keeps the record-breaking rally on the table while picking up the bids near $1,940 during the early Friday’s trading.

The cryptocurrency pair’s ability to extend the bounce-off 10-day SMA gains support from the accumulation of crypto whales to favor the bulls inside a bearish chart pattern formation. Also supporting the argument is an absence of bearish MACD.

However, overbought RSI and a strong resistance line established since early 2021 can trigger the quote’s pullback around $1,975 before attacking the $2,000 threshold.

Should the pullback moves break the 10-day SMA level of $1,830, the pattern’s support near $1,770 will be the key to watch as a downside break of which will confirm the extended pullback towards the monthly low of around $1,490.

Overall, ETH/USD stays on the bullish trajectory and is well set to challenge the $2,000 psychological magnet. However, key resistance and overbought RSI may offer a spot for the whales to catch a breather.

ETH/USD daily chart

Trend: Bullish