- Ethereum price action jumped higher during the weekend.
- With price action topping $3.391, Ethereum bears will look to fill the gap.
- The monthly pivot will act for bulls to keep prices elevated at $3,251.
Ethereum (ETH) price has jumped higher on the weekend as bears backed off after rediscovering risk-on sentiment. With ETH price action hitting $3,391, the price is fading slightly to the downside, with bears trying to go for the gap to fill toward $3,018. Bulls, however, will use the 55-day Simple Moving Average (SMA) and the monthly pivot as supportive elements in their corner for the next pop toward $3,681
Ethereum prices look in favor of bulls, with or without the gap fill
Ethereum (ETH) was on fire during the weekend, with a 9% higher opening in Ethereum price action on Saturday morning during the Asian session. Sentiment looks to be changing though on Monday, with bears pulling Ethereum price action back below $3,391. ETH price is now looking for support, but bears might want to push further for a gap to fill toward Friday prices.
ETH price will see bulls stopping that gap fill attempt from bears. With the 55-day SMA at $3,290 and the monthly pivot at $3,250, expect bulls to have two essential elements in their favor to keep prices elevated in Ethereum.
ETH/USD daily chart
The bulls should be playing both strategies. A gap fill would not be harmful, as it would wash out a lot of bears in ETH who are looking for some short-term profit at $3,018. Once that level hits, bulls will get in full size and start ramping ETH price action up toward $3,391 back again. Even a further overshoot toward $3,687 would be more than plausible then, as bears will not be able to match the bull volume.
In case the 55-day SMA and pivot do not hold, expect the gap fill to be completed. With that gap filled, not much downside potential looks to be in the cards for bears in ETH price action. Expect an additional tailwind from global markets repeating the negative downtrend from last week, which could bring price action toward $2,695.
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