The recent rise has helped the Ethereum price to reclaim the range that it traded before the August drop. After the July rebound, the price failed to clear the $3500 resistance, causing an extreme exhaustion of the bulls. As a result, the price further fell into a deep bearish well, marking the bottom close to $2100. Interestingly, the ETH price has encountered a similar trade setup, suggesting the possibility of repeating the previous price action. 

Will the ETH price fail to clear $3400? Will this move trigger an extended bearish action below $3000?

In the short term, the ETH price appears to be primed for a pullback, as the BTC price is showing signs of a pullback. It is assumed that if Bitcoin retraces more to $88,000 or slightly below, the second-largest token is expected to drain slightly lower to the 50-day EMA, which is aligning with the last support at psychological levels at $3000. What’s next? Will Ethereum test these levels?

The ETH bears are restricting the rally at $3400 for over the past couple of months, making it one of the important levels to secure. While the markets are experiencing a rise in selling pressure, the possibility of an extended pullback close to $3200 appears to be evident. However, the 50/200 day MA is heading towards a bullish crossover, suggesting a ‘Golden Cross’.

Previously, during the Death Cross in August, the price lost over 35%, and hence the first Golden Cross of the year is expected to trigger a fine bull run pushing the levels back to the yearly highs. Now that the ETH price is showing some resilience and holding strong around the $3500 mark, this could be a signal for the next bullish breakout. 

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