Ethereum's price jumped from the bottom of the demand zone to $ 2,567 and rose by approximately 12 percent to reach a high of $ 3,045. The move also broke the MA200 moving average, establishing a bullish outlook.
In the future, investors can expect the price to retest the MA200 moving average and move into the daily supply zone, which stretches from $ 3,200 to $ 3,400. Any move outside the supply zone is unlikely and will require a huge increase in buying pressure.
In a very bullish case, growth for ETH could be limited to $ 3,600.
A break below the MA200 moving average will reveal weakness among customers. In this situation, ETH could return to the daily demand zone, ranging from $ 2,200 to $ 2,500.
The breakdown of this support area will nullify the bull thesis for ETH and open the door to bears.
In the future, investors can expect the price to retest the MA200 moving average and move into the daily supply zone, which stretches from $ 3,200 to $ 3,400. Any move outside the supply zone is unlikely and will require a huge increase in buying pressure.
In a very bullish case, growth for ETH could be limited to $ 3,600.
A break below the MA200 moving average will reveal weakness among customers. In this situation, ETH could return to the daily demand zone, ranging from $ 2,200 to $ 2,500.
The breakdown of this support area will nullify the bull thesis for ETH and open the door to bears.
𝐅𝐢𝐧𝐚𝐧𝐜𝐞 𝐁𝐫𝐨𝐤𝐞𝐫𝐚𝐠𝐞 - 𝐒𝐭𝐨𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐅𝐨𝐫𝐞𝐱 𝐍𝐞𝐰𝐬 & 𝐅𝐨𝐫𝐞𝐱 𝐁𝐫𝐨𝐤𝐞𝐫𝐬
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