Ethereum price has rebounded to trade above $3,000 after pulling back from Sunday’s high of 3,192.79 to 2,889.61 earlier on Monday. Notably, Bitcoin price has exhibited a similar trend. The leading crypto is trading above the crucial level of $45,000 at close to a three-month high. The bulls remain optimistic that the recent software upgrade will continue to boost the cryptocurrency.
Ethereum price technical outlook
ETH/USD is trading above the psychological level of 3,000 as the bulls strive to retest Sunday’s high of 3,192.79. Earlier on Monday, it had pulled back to an intraday low of 2,889.61. Since hitting July’s low of 1716.77, it has surged by about 81.89%. At the time of writing, it was up by 3.56% at 3,123.41. On a four-hour chart, it is trading above the 25 and 50-day exponential moving averages.
In the near term, Ethereum price is likely to continue finding support along the crucial level of 3,000. It may find resistance in its attempt to retest the 3,200 level. If the bulls gather enough momentum to break past that resistance level, the next target will likely be at 3,347.38 or higher at 3,550. On the flip side, a move below the 25-day EMA at 2,949.90 will probably clear the path for the bears to retest 2,800, which is along the 50-day EMA. A move below that level will impact the current bullish sentiment.