ETHUSD Shows Potential For A Bullish Retracement To $3,050

ETHUSD shows potential for a bullish retracement to $3,050. The price recently bounced off the key support level of $2,150, showing strong demand in this area. The chart also reveals a break below a previous trendline, but the price is now attempting to reclaim lost ground. The bullish retracement scenario is further supported by the presence of a buy-side liquidity (BSL) area around $2,860, which may attract a rally run to the upside.

 

If ETHUSD continues its current bullish momentum, the first major resistance level to watch is $2,860, where a breakout could accelerate gains toward higher resistance levels. A successful push above this level may open the doors for a more extended rally toward the $4,110 and $4,870 resistance zones. However, failure to sustain above $2,270 could lead to another retest of the $2,150 support before another upward attempt. Overall, the market structure suggests that ETHUSD is poised for a bullish retracement in the near term.

 

ETH Key Levels

Supply Levels: $2860, $4110, $4870
Demand Levels: $2150, $1530, $880

What Are the Indicators Saying?

The RSI (Relative Strength Index) indicator is currently at 38.90, suggesting that ETHUSD is recovering from oversold conditions, which could support a bullish retracement. The 9-day SMA (Simple Moving Average) at $2,270 is slightly above the current price, indicating short-term resistance that needs to be cleared for further upside movement. If buyers maintain momentum, breaking above this Moving Average could provide additional confirmation of bullish strength.

 

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