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.

Source: TradingView

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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