- Ethereum saw its price breaching a symmetrical triangle and downtrends but recovers swiftly and heads higher.
- Meanwhile, ETH’s upward path has many obstacles, including the weekly supply territory at $2,927 – $3,413.
- Retesting $3.6K will form a higher peak relative to the 12 January swing high, suggesting a narrative flip to bullish.
ETH price seems prepared to recover losses incurred over the previous week but encounters many challenging barriers on the upward road. Ethereum bulls will likely lose steam if the current momentum fades.
ETH Price Eyes Massive Gains
Ethereum had its price breaching the symmetrical triangle’s base on 6 March, but bears could not follow through. The weekly foothold around the $2,541 level is among the reasons Ethereum bears faded, allowing bulls to launch a comeback.
Ethereum has its price testing 50-day SMA at $2,771 following a nearly 12% upsurge. Flipping this obstacle will open the door for ETH to encounter the weekly supply territory, stretching between $2,927 and $3,413.
Meanwhile, Ethereum met massive selling momentum the last three intervals it tagged this obstacle, leading to downside corrections. Therefore, market players should be cautious as the leading altcoin heads back towards this region.
Furthermore, the supply area also houses the 100-day Simple Moving Average at $3,155, translating to a tiresome journey for bulls. Thus a conservative view is to presume $3,000 caps further upside for Ethereum.
Meanwhile, massive bullish developments might see ETH shattering these obstacles and run higher towards the 200-day Simple Moving Average around $3,522. Such moves would translate a 31% total gain from Ether’s current price, $2,763.
On the other side, ETH’s failure to climb higher will show weakness by bulls. Ethereum producing a candle close under the support floor of $2,541 will annul the bullish narrative and clear the downside road, taking Ethereum to the barrier at $1,927.
For now, Ethereum seems to boast what it takes to challenge stiff upside hurdles, eyeing the $3,600 level. That comes as the broad market records impressive daily upsurges. Ethereum will rely on global market sentiment to attain its upward target.
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