Ethereum priceThe coin managed to bounce off the $3151 level with $2,927 daily, which represents ‘bullish interest’. ETH could also try to start another uptrend by attempting to retest the two-day supply zone from $3,676 to $3,862.
on the other hand Ethereum (ETH) If it breaks below the $2,927 level, the bears could strengthen in the trend and invalidate the bullish thesis. However, the overall picture now looks more ‘bullish’ as Ethereum price bounces off a key support level and approaches key resistance. If ETH manages to break through this resistance, it will set a new resistance to reach higher levels.
Ethereum Price Continues Its Rise
Ethereum price managed to bounce off the weekly support level and rallied to the $3,061 level. ETH seems to have managed to break out of the one-day demand zone stretching between $2,927 and $3,151. ETH, which managed to rise over 13.6% compared to the last support level, is trading at $ 3,315.
Continuation of the uptrend could allow ETH to retest the 200-day ‘Simple Moving Average (SMA)’ at $3,464. ETH will need significant ‘buy pressure’ to break through this important resistance, but if that happens, the bullish scenario will remain valid.
The 2-day ‘supply zone’ stretching from $3,675 to $3,862 will be the next resistance ETH will retest, bringing the overall gain up to 10%.
While there is a chance for Ethereum price to stop here and form a ‘local top’, investors should also hold onto the idea of further bullishness to retest the 50-day SMA at $3,881. On the upside, Ethereum price could revisit the $4,066 weekly resistance level.
But on the other hand, ETH price If it fails to gain momentum and still rises, it could slide back to the $2,927 to $3,151 levels to quickly retest the daily demand zone.
A daily candlestick at or near $2,927 will create a lower low and tip the trend in favor of the bears. If this happens, there could be a 7% drop at the weekly support level towards the $2,712 level.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.