Ethereum (ETH) Retest Stable Support, Suggesting Potential Reversal to $3.6K

  • Ethereum sees its price retesting the daily demand region at $2,608 – $2,812, hoping for reversal actions.
  • A rebound from the barrier might trigger an upside to revisit the daily supply zone’s lower limit, extending between $3,188 and $3,393.
  • A daily candle close under $2,608 will annul ETH’s near-term bullish narrative.

Ethereum price encountered two rejections from a crucial resistance zone, leading to a double-digit retracement. The subsequent downswing currently bounces off a sturdy support zone, indicating a potential trend reversal.

ETH Contemplates Price Recovery

Ethereum met the daily supply region, stretching between $2,608 and $2,812 on 9 February and 15 February. Meanwhile, bulls could not overcome this challenge, triggering a roughly 10% retracement both times.

The price action pushed ETH’s price towards the daily demand region, stretching between $3,188 and $3,393. This value zone remains critical, and Ethereum might witness some bullish reactions.

From a conventional viewpoint, Ether price may print a lower high near 50-day SMA at $2,997. Some cases will see the altcoin climbing further towards the supply zone’s lower limit, around $3,188.

Nevertheless, a substantial bullish picture would necessitate an upsurge past the supply region’s top border at $3,393. That can see ETH towards the convergence level of the 200- and 100-day Simple Moving Averages at nearly $3,600.

Ethereum has to prevent a daily candle close beneath $2,608 to keep the optimistic attitude in play Though the bullish picture. Failure here will see the 2nd-largest digital coin canceling the near-term bullish outlook.

Nevertheless, such developments should not scare investors. That is because of the support zone between $2,525 and $2,324. Meanwhile, bulls can utilize these support floors to recover incurred losses and attempt another upside.

For now, Ethereum highlights bullishness as it retests the reliable support area of $2,608 – $2,812 demand territory. Rebounding from the region will see ETH revisiting the supply zone’s lower limit at $3,188 – $3,393.

Further bullish reactions here might witness the alt overcoming the $3,393 level, surging to explore the highs of $3,600. Nevertheless, a 24hr candle close beneath $2,608 will cancel Ethereum’s near-term bullishness.

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