In the past week, Ethereum (ETH) has demonstrated both strength and caution following a significant 49% rally. Its market capitalization has surpassed the $300 billion mark once again, and exponential moving average (EMA) indicators remain bullish. However, momentum indicators are beginning to show signs of cooling.

The Average Directional Movement Index (ADX) has decreased from 61 to 47.99, and the Relative Strength Index (RSI) has fallen from 86 to 63, indicating that the upward trend may be losing some momentum. Nevertheless, buyers remain active, and should Ethereum break above key resistance levels, the next phase of growth could propel it past the $3,000 mark.

Ethereum's Directional Movement Index (DMI) signals that the ADX has dropped from 61 to 47.99, which suggests a diminishing trend strength. The ADX measures the strength of a trend, with values exceeding 25 indicating a strong trend and figures above 40 pointing to very strong momentum. Even though the ADX remains relatively high, its decline could imply that the present trend is losing vigor, despite recent analyst predictions that Ethereum might surpass Bitcoin.

The positive directional indicator ( DI) has sharply declined from 47.96 to 27.2, reflecting a substantial cooling of bullish momentum. Meanwhile, the negative directional indicator (-DI) has risen from 3.39 to 13.97, indicating an increase in bearish pressure. Although the overall trend still leans in favor of the buyers, the narrowing gap between DI and -DI suggests that Ethereum could experience a short-term correction or transition into a consolidation phase. Recently, however, the DI has increased while the -DI has decreased, implying that ETH buyers are attempting to retain their dominance.

Ethereum's RSI has dropped to 63 from a peak of 86 three days ago, having remained above the overbought threshold of 70 for three consecutive days. Interestingly, despite the recent dip, the RSI has rebounded from 54 within the last few hours, hinting at renewed buying interest in the near term. The RSI, ranging from 0 to 100, typically shows overbought conditions when readings exceed 70 and potential for a pullback. Conversely, values below 30 suggest oversold conditions and possible recovery. Levels between 50 and 70 usually denote moderate bullish momentum. At 63, Ethereum's RSI indicates that the asset has moderated from recent overbought states but retains underlying bullish strength, which might mean the market is adjusting after a robust rally, providing room for further gains if buying persists.

Over the past seven days, Ethereum's price has surged by 43.5%, with its market capitalization returning above $300 billion. Its EMA lines continue to exhibit a robust bullish configuration, supporting the ongoing uptrend. However, ETH recently encountered the $2,617 resistance level without breaking through it.

A successful breach above this level could pave the way for $2,855 and potentially $3,000—the first time since early February—for Ethereum, with the possibility of extending to $3,442 if momentum intensifies. On the downside, the $2,320 support level is critical. If Ethereum tests and fails to hold this level, the price might drop to $1,938. A more pronounced bearish movement could see it fall further to $1,736.

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