- The price of Ethereum has experienced an exponential rise, as it marked the psychological level of $ 4.00.
- A downtrend of less than $ 3,716 or later support levels seems likely to occur before a new uptrend originates.
- If ETH manages to recover above $ 3,863, the new test of the all-time high is as follows.
The price of Ethereum experienced a massive rebound between August 31 and September 3, as it crossed a psychological level. However, buying pressure did not hold, which is currently experiencing a slow downward trend.
There is a high probability that ETH will bounce back a support level and restart its uptrend.
The price of Ethereum seems to restart its upward trend
The price of Ethereum rose about 25% between August 31 and September 3 to re-test the psychological level of $ 4,000. This measure comes about a month after ETH crossed the $ 3,000 barrier. The smart contract witness has been unable to re-test the upper limit of the fair value gap at $ 4,071 and is currently resuming to pick up steam.
A resurgence of buying pressure on support barriers of $ 3,716 or $ 3,524 could be the key to restarting the uptrend. In that case, the ETH is likely to rise to $ 4,071, and if buying pressure continues to rise, it could even try the all-time high again at $ 4,372.
In a highly bullish scenario, the price of Ethereum could continue to rise to test the 100% Fibonacci retracement level at $ 4,699.
ETH / USDT day chart
While the new uptrend is based on the assumption that the pullback will run out, things will go wrong if selling pressure pushes the price of Ethereum to $ 3,345. This barrier is a stable level of support; therefore, a breakdown will indicate a lack of upward momentum and invalidate the upward thesis.