Ethereum (ETH) 14-week relative strength index (RSI) has surpassed 70, a threshold that has marked previous parabolic bull runs, CoinDesk reported. The bullish signal is consistent with the excitement surrounding Ethereum's upcoming Dencun upgrade and potential spot ETF debut. RSI is a momentum indicator developed by J. Welles Wilder that measures the speed and magnitude of price changes over a certain period (usually 14 days or 14 weeks). The indicator fluctuates between 0 and 100, with readings over 70 indicating strong upward momentum. Ethereum's 14-week RSI has surpassed 70. Parabolic bull runs unfolded after similar crossovers in January 2016, February 2017, December 2017, July and November 2020, and March 2021. The bullish signal means Ethereum could be catching up with Bitcoin and the broader market. Since the beginning of October, Ethereum has risen 60% to $2,775, while market leader Bitcoin and the CoinDesk 20 Index have risen 100% and 89%, respectively. Ethereum has been in the news lately for a number of reasons, including the debut of the new token standard ERC-404, which will allow multiple wallets to own decentralized NFTs, and the upcoming Dencun upgrade, which is expected to significantly reduce transaction costs. In addition, there is excitement about the potential debut of a U.S. spot ETH-based exchange-traded fund (ETF) later this year.