ETH Increases Toward $3.5K, Erases Much of Earlier Losses (Ethereum Price Analysis)

After a bearish correction phase, the price has now reached a crucial support zone, defined by the 100-day moving average and the 0.5-0.618 Fibonacci levels.

Considering these factors, an increase in demand is expected, leading to a mid-term bullish reversal targeting the $4K resistance. However, if the price drops below this support, the next significant defense line for buyers will be the 200-day moving average. If buyers re-enter the market and demand rises, the price is expected to break above the flag’s upper boundary at $3.6K, leading to a strong uptrend towards the $4K resistance.

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