Ethereum price retests a solid support level, with a trend reversal to $3,600 expected

Ethereum is retesting the $2,608 to $2,812 daily demand zone in the hopes of seeing a turnaround.
A break through this barrier is expected to take us back to the lower limit of the daily supply zone, which ranges from $3,188 to $3,393.
The short-term bullish thesis will be invalidated if the daily candlestick closes below $2608 per day.
The Ethereum price was rejected twice by a strong resistance barrier, resulting in a double-digit decline. The resultant downswing is presently bouncing off a firm support level, suggesting a trend reversal.

Ethereum’s price is considering a return.

On February 9 and February 15, the Ethereum price entered the daily supply zone, ranging from $2,608 to $2,812. The bulls were unable to overcome this barrier, resulting in a greater than 10% correction both times.

This action drove Ethereum’s price into the daily demand range, which ranged from $3,188 to $3,393. This is a critical region, and ETH is expected to have a positive reaction.

From a cautious stance, the price of Ethereum may post a lower high near the 50-day Simple Moving Average (SMA) of $2,997. In certain circumstances, the rally…