Media outlet says ETH recovery is gaining traction despite prolonged downtrend

Ethereum (ETH) built bullish momentum during a prolonged downturn, and its recovery now appears to be gaining traction, according to U.Today. The outlet said Ethereum had been in a six-month capitulation phase, with on-chain data showing most ETH holders were underwater and sellers in control. It added the market is only beginning to recover from that downward pressure, citing an average holder cost basis of $1,880 as evidence. U.Today said a break above the 100-day exponential moving average could pave the way for a retest of the psychologically important $2,000 level. It added bullish momentum remains firm despite a recent short-term pullback, while the relative strength index appears supportive of buying demand.