ETH Remains Bullish With Immediate Target Of $3,700 Retest
Ethereum bulls are showing bullish determination as it bounces off key support and approaches significant resistance. A break of this barrier will prompt ETH to retest resistance to attempt a higher high.
ETH continues its uptrend
ETH price bounced off the weekly support at $3,061 and cleared the daily demand zone that stretched from $2,927 to $3,151. So far, ETH has gained 13.6% and is currently hovering around $3,306.
Continuing the journey north will allow ETH to retest the 200-day simple moving average at $3,464, although the hurdle is crucial and will require a lot of buying pressure to break it.
The 2-day supply zone, stretching from $3,675 to $3,862, will be the next hurdle that will retest ETH, bringing the overall rise to 10%.
While there is a chance for Ethereum price to falter and establish a local top, another uptrend should be expected to retest the 50-day SMA at $3,881. If the price moves higher, it can return to the weekly resistance at $4,066.
On the other hand, if Ethereum price fails to gain momentum and moves higher, there are chances that it could come back to retest the daily demand zone which ranges from $2,927 to $3,151.
A daily close below $2,927 will make a lower low and shift the odds in the bears’ favor. This move can trigger a 7% decline to the weekly support at $2,712.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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